Robert F.X. Sillerman Settles SEC Charges For $179,000

Robert F.X. Sillerman

The SEC has settled with former SFX ENTERTAINMENT boss ROBERT F.X. SILLERMAN over fraud related to money raised for his FUNCTION(X) publishing and entertainment business. SILLERMAN denied the allegations, and agreed to a permanent director-and-officer bar and a penalty of $179,000.

According to the SEC’s complaint, SILLERMAN’s FUNCTION(X) INC. "incurred significant losses during the first quarter of 2017, after which it raised capital with a public securities offering," reports POLLSTAR. "SILLERMAN is alleged to have fraudulently diverted $500,000 of the $4.8 million raised to repay loans to FUNCTION(X), and then through a private securities offering enticed investors to pitch in by falsely claiming celebrities had invested in the company. The SEC further alleges that Sillerman created phony subscription documents, with forged signatures, purportedly from the two celebrities."

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