BlackRock Inc. faces a ban on collecting about $37 million in fees from Ohio public-sector clients after discovering that one of its top executives ran afoul of pay-to-play rules during last year’s presidential campaign.
Mark Wiedman, the head of BlackRock’s iShares unit, donated $2,700 to John Kasich in January 2016 during a fundraiser for the Ohio governor’s campaign to become the Republican presidential nominee, according to a regulatory filing.
Wiedman inadvertently triggered anti-corruption measures that the U.S. Securities and Exchange Commission adopted in 2010 after scandals involving money manager contributions to state officials, the firm said. The pay-to-play rules affected the 2016 presidential campaign because five sitting governors participated, including Mike Pence of Indiana, Donald Trump’s running mate in the general election.