Author: Sean

“Ace” Ertegun, Atlantic Records’ chief executive, died on Monday

“Ace” Ertegun, Atlantic Records’ chief executive, died on Monday

Nearly 16 years after his death, Atlantic Records CEO Ahmet Ertegun accused of assault and later committed suicide.


August 24, 2014

NEW YORK CITY — Ahmet “Ace” Ertegun, the iconic record company’s chief executive and a key figure in its business that continues to thrive in the face of a long-running investigation by the U.S. Securities and Exchange Commission, took his life on Monday, according to a statement released by his family.

Ertegun, 67, the brother of iconic songwriter and civil rights pioneer Paul Simon and son of a Turkish immigrant, co-founded Atlantic Records in 1973 and helped create one of the industry’s most storied catalogues. He oversaw both Atlantic and its sister label, Warner Bros. Records.

He was a member of the so-called “Godfather’s” inner circle and had a long history of socializing with music legends, such as Elvis Presley, the Beatles and Prince, who said he admired Ertegun.

The SEC investigation that began with a lawsuit against Ertegun’s son Anadyr last year has so far resulted in more than $2.6 million in penalties against the company.

Ertegun was arrested on July 18 in New Jersey while driving to an event with Atlantic executives and others, New York law-enforcement sources told The Post. The agency’s investigation remains open, and Ertegun was released on $1 million bail and was not arrested in the state until his arrest on Monday evening, said one official.

“At a time when music lovers expect the industry to deliver on its promises, Atlantic Records has been found to be less than forthcoming,” the Securities and Exchange Commission said in a statement Monday, saying it had “found evidence that Mr. Ertegun and Mr. Anadyr failed to comply with” a court-sanctioned settlement agreement he reached with the SEC in 2006.

The SEC said in its statement that it had previously closed its investigation into Ertegun and Anadyr, and that Ertegun’s arrest was an administrative matter.

Ertegun’s lawyer, William McCarvel, in a statement called the SEC accusation an “

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