SEC v. Roderick Vanderbilt, No. LR-26326, Southern District of New York (June 13, 2025) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26326 / June 13, 2025 Securities and Exchange Commission v. Vanderbilt, No. 25-civ-4994 (S.D.N.Y. filed June 13, 2025) SEC Charges Former Executive Chairman of Public Company with Defrauding Investors through False and Misleading Statements On June 13, 2025, the Securities and Exchange Commission charged Roderick Vanderbilt with participating in a scheme to defraud investors in Vinco Ventures, Inc., a publicly traded, purported digital media and content technologies company. According to the complaint, filed in the U.S. District Court for the Southern District of New York, Vanderbilt engaged in a scheme to defraud the investing public by making material misrepresentations in SEC filings and diverting Vinco’s corporate assets to his long-time business associate and former romantic partner, Theodore J. Farnsworth, for his and Farnsworth’s personal benefit. As alleged, although Farnsworth did not have a public-facing role at Vinco, he secretly controlled the company. In October 2021, Vanderbilt, hand-selected by Farnsworth, joined Vinco’s Board of Directors. Vanderbilt then allegedly participated in the scheme by signing SEC filings, including proxy statements and proxy soliciting materials, that contained materially false and misleading statements. Specifically, according to the complaint, Vanderbilt signed filings that identified the officers and directors of Vinco but failed to disclose Farnsworth’s involvement in Vinco’s management. In addition, the complaint alleges that Vanderbilt signed SEC filings that materially misrepresented the operational status of key components of Vinco’s business and their potential to generate revenue for Vinco. Vanderbilt consented to a bifurcated settlement, subject to court approval, which provides for permanent injunctive relief against future violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933 and Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 thereunder. The judgment also imposes an officer and director bar. In addition, the SEC’s complaint seeks disgorgement with prejudgment interest and civil penalties, which will be determined by the court at a later date, upon motion of the SEC. The Commission previously charged Farnsworth for his conduct in connection with the scheme. In a parallel criminal action filed by the Department of Justice and the U.S. Attorney’s Office for the Southern District of Florida, Vanderbilt pleaded guilty to the same unlawful conduct alleged in the SEC’s complaint. The SEC's ongoing investigation is being conducted by Jordan Baker, Elizabeth Butler, and Tian Wen, under the supervision of Alison T. Conn and Thomas P. Smith, Jr., all of the New York Regional Office. The litigation will be led by Travis Hill and supervised by Daniel Loss.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26326 / June 13, 2025 Securities and Exchange Commission v. Vanderbilt, No. 25-civ-4994 (S.D.N.Y. filed June 13, 2025) SEC Charges Former Executive Chairman of Public Company with Defrauding Investors through False and Misleading Statements On June 13, 2025, the Securities and Exchange Commission charged Roderick Vanderbilt with participating in a scheme to defraud investors in Vinco Ventures, Inc., a publicly traded, purported digital media and content technologies company. According to the complaint, filed in the U.S. District Court for the Southern District of New York, Vanderbilt engaged in a scheme to defraud the investing public by making material misrepresentations in SEC filings and diverting Vinco’s corporate assets to his long-time business associate and former romantic partner, Theodore J. Farnsworth, for his and Farnsworth’s personal benefit. As alleged, although Farnsworth did not have a public-facing role at Vinco, he secretly controlled the company. In October 2021, Vanderbilt, hand-selected by Farnsworth, joined Vinco’s Board of Directors. Vanderbilt then allegedly participated in the scheme by signing SEC filings, including proxy statements and proxy soliciting materials, that contained materially false and misleading statements. Specifically, according to the complaint, Vanderbilt signed filings that identified the officers and directors of Vinco but failed to disclose Farnsworth’s involvement in Vinco’s management. In addition, the complaint alleges that Vanderbilt signed SEC filings that materially misrepresented the operational status of key components of Vinco’s business and their potential to generate revenue for Vinco. Vanderbilt consented to a bifurcated settlement, subject to court approval, which provides for permanent injunctive relief against future violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933 and Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 thereunder. The judgment also imposes an officer and director bar. In addition, the SEC’s complaint seeks disgorgement with prejudgment interest and civil penalties, which will be determined by the court at a later date, upon motion of the SEC. The Commission previously charged Farnsworth for his conduct in connection with the scheme. In a parallel criminal action filed by the Department of Justice and the U.S. Attorney’s Office for the Southern District of Florida, Vanderbilt pleaded guilty to the same unlawful conduct alleged in the SEC’s complaint. The SEC's ongoing investigation is being conducted by Jordan Baker, Elizabeth Butler, and Tian Wen, under the supervision of Alison T. Conn and Thomas P. Smith, Jr., all of the New York Regional Office. The litigation will be led by Travis Hill and supervised by Daniel Loss.