Van Eck Associates Corp. agrees to $1.75M fine to SEC for failing to disclose influencer's role in 2021's VanEckSocial Sentiment ETF launch.

Van Eck Associates Corporation has agreed to pay a $1.75 million fine to the US Securities and Exchange Commission (SEC) after being charged for failing to disclose a social media influencer's role in the launch of its social media-focused exchange-traded fund (ETF) in 2021. The ETF, named VanEckSocial Sentiment ETF and backed by Barstool Sports founder David Portnoy, aimed to track stocks gaining popularity on social media. Van Eck did not disclose the influencer's planned promotion efforts or a licensing structure to the ETF's board when it sought approval for the fund's launch and management fee.

February 16, 2024
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