Vinco Chairman Settles with SEC Over Diverting Funds to Partner

Vinco Ventures Inc.'s chairman agreed to not lead a company that regularly reports to the US Securities and Exchange Commission, staving off allegations he defrauded investors and misdirected millions of dollars at the direction of his longtime partner, according to Friday court filings.

The US District Court for the Southern District of New York would need to approve the proposed judgment that to which Roderick Vanderbilt consented. It leaves room for the SEC to ask for a return of any ill-gotten gains and civil monetary penalties later.

Vanderbilt helped conceal his business and one-time romantic partner Theodore Farnsworth’s control of ...