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February 16, 2024 9:32 AM EST
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly//File Photo
NEW YORK (Reuters) -Van Eck Associates Corporation has agreed to pay a $1.75 million fine to settle U.S. Securities and Exchange Commission charges related to the 2021 launch of its social media-focused exchange-traded fund, the regulator said on Friday.
The registered investment adviser failed to disclose a social media influencer’s role in the launch of its VanEckSocial Sentiment ETF in March 2021, the SEC said in a statement. The ETF, backed by Barstool Sports founder David Portnoy, was launched to track stocks that were gaining popularity on social…
