- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-19T15:00:00
A New York-based investment adviser agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission (SEC) regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund (ETF).
Van Eck Associates Corp. was faulted for not implementing policies and procedures reasonably designed to prevent the violations of the Advisers Act related to the nondisclosure, the SEC announced in a press release Friday.
The March 2021 launch of the VanEck Social Sentiment ETF included plans to retain a popular social media influencer to aid in promotion. The involvement of the influencer led to changes VanEck agreed to in the proposed licensing fee structure to “incentivize the influencer’s marketing and promotion efforts,” the SEC said in its order.
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Registered investment adviser Anson Funds Management and exempt reporting adviser Anson Advisers will combine to pay more than $2 million for allegedly misleading investors about their short fund strategy and related recordkeeping violations.
The Financial Industry Regulatory Authority fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
