Van Eck Associates Corporation has been charged by the U.S. Securities and Exchange Commission (SEC) for failing to disclose the involvement of a well-known and controversial social media influencer, Dave Portnoy (@stoolpresidente), in the promotion of their Exchange-Traded Fund (ETF), $BUZZ, launched in 2021. The SEC's investigation revealed that Portnoy was compensated on a sliding scale by the index company to incentivize the promotion of the ETF, which trades on NYSE Arca. As a result, Van Eck has agreed to pay a $1.75 million penalty to settle the charges. This case highlights the SEC's ongoing efforts to ensure transparency and proper disclosure in the marketing of financial products.
VanEck faces $1.75M fine over SEC charges on ETF marketing. https://t.co/XbGIgmh216
SEC Charges Van Eck Associates for Failing to Disclose Influencer Dave Portnoy @stoolpresidente Role in Connection with $BUZZ ETF Launch Will pay $1.75 Million to settle charges https://t.co/pLJPWfpOqw
Van Eck was just fined $1.75 million for secretly paying BarStool’s Dave Portnoy to promote ETF launch
VanEck agrees to pay $1.75 million to settle SEC charges of failure to disclose influencer role in Dave Portnoy-backed ETF https://t.co/ACbnB5Uhau
VanEck agreed to pay a $1.75 million SEC fine for not disclosing the involvement of a social media influencer in its VanEck Social Sentiment ETF. The fund, which trades on NYSE Arca under the BUZZ ticker, launched in 2021. Read mor: https://t.co/qupVZWVO34
VanEck fined for disclosure failures over ETF promoted by Dave Portnoy https://t.co/AKxqIpU2bC
SEC busts VanEck for using Dave Portnoy to pump BUZZ ETF https://t.co/8K4vaynTgc
Van Eck failed to properly disclose the role of controversial social-media influencer and Barstool Sports founder Dave Portnoy in helping promote the launch of an ETF in 2021, according to the US SEC https://t.co/IDkWqxsLsK
VanEck to Pay $1.75M SEC Fine for Not Disclosing Influencer's Role in ETF Launch ► https://t.co/owpHRW7Jm8 https://t.co/owpHRW7Jm8
Bitcoin ETF issuer VanEck will pay $1.75M over the role of Dave Portnoy in its social sentiment ETF https://t.co/2joSWlAK9z
Van Eck to pay $1.75 million fine over social sentiment ETF -SEC https://t.co/49cVhQRn6b https://t.co/tMSNyCIhUX
ETF manager @vaneck_us paying $1.75m to settle @SECGov disclosure violation related to use of celeb/influencer to market $BUZZ etf. Some videos with @stoolpresidente promoting it. Maybe he can confirm he's unnamed influencer cited in the order...
⚠️ VAN ECK TO PAY $1.75 MILLION CIVIL PENALTY TO SETTLE US CHARGES -SEC (Reuters) Registered investment adviser Van Eck Associates Corporation has agreed to pay a $1.75 million penalty to settle U.S. Securities and Exchange Commission charges related to the launch of a new…
SEC Charges Van Eck Associates for Failing to Disclose Influencer’s Role in Connection with ETF Launch https://t.co/yO6S8nOTVo Here's @jimcramer back in 2021 talking to @stoolpresidente about the ETF https://t.co/fLs1SHXNtt https://t.co/i1PGHoaRnN
SEC is making VanEck pay a $1.75m fine bc they didn’t disclose to fund board that “well-known and controversial” social media influencer Dave Portnoy was getting paid by the index co on sliding scale in order to help incentivize promotion of their ETF $BUZZ https://t.co/C9Ke2bgbWM