ETF Firm Hid Role of Barstool’s Dave Portnoy in Launch, SEC Says

Van Eck Associates Corp. failed to properly disclose the role of controversial social-media influencer Dave Portnoy, founder of Barstool Sports Inc., in helping promote the launch of an exchange-traded fund in 2021, according to the US Securities and Exchange Commission.

New York-based Van Eck paid $1.75 million to settle the probe, neither admitting to nor denying the SEC’s findings, the agency said in a statement Friday. Van Eck agreed to a cease-and-desist order and a censure in addition to the civil penalty. A spokesperson for Van Eck declined to comment.

Ahead of launching the VanEck Social Sentiment ETF ...