On October 24th local time, the United States Securities and Exchange Commission (SEC) accused Black Rock Advisors (LLC) of failing to accurately describe its investment in the entertainment industry, which accounts for a large proportion of a publicly traded fund that it provides advisory services for. To settle the above allegations, BlackRock agreed to pay a fine of $2.5 million. According to the SEC announcement, from 2015 to 2019, BlackRock Multi Class Income Trust Fund (BIT) made significant investments in Aviron Group, LLC through loan instruments. In multiple BIT annual and semi-annual reports, BlackRock mistakenly described Aviron as a "diversified financial services" company.