Vinco Ventures Chief Executive Faces Securities Fraud Charges in South Florida
Roderick “Rod” Vanderbilt is a former chief executive officer (CEO) for a company called Vinco Ventures. In July of 2023, that company was officially delisted by Nasdaq. Mr. Vanderbilt is now facing felony conspiracy to commit securities fraud charges in a federal court in South Florida. Here, our Miami securities fraud attorney discusses the case in more comprehensive detail.
Allegations: Florida Executive Made Misrepresentations to Investors
Vinco Ventures—a digital media company—has faced significant legal challenges due to alleged securities fraud. In 2023, a former executive at the company Theodore J. Farnsworth was charged by the Securities and Exchange Commission (SEC) for defrauding investors by secretly controlling Vinco and disseminating false information about the company’s operations. Mr. Farnsworth consented to a judgment that includes permanent injunctive relief and a bar from serving as an officer or director. Another executive has now been charged for artificially inflating the stock price.
Former CEO is Facing Criminal Securities Fraud Charge
The former CEO of Vinco Ventures Roderick “Rod” Vanderbilt has been indicted on criminal securities fraud charges in the United States District Court for the Southern District of Florida. The charges stem from accusations that Vanderbilt collaborated with former Mr. Farnsworth in a coordinated effort to inflate Vinco Ventures’ stock value artificially. Key allegations include:
- Concealment of Farnsworth’s Role: Mr. Vanderbilt reportedly helped obscure Farnsworth’s continued involvement in the company’s operations.
- False and Misleading Information: Both Mr. Vanderbilt and Mr. Farnsworth allegedly disseminated inaccurate information about Vinco Ventures’ business activities.
- Market Manipulation: The charges suggest that the two worked together to create an unjustified illusion of strong company performance.
What to Do If You Suffered Losses Due to Investment Fraud in Florida
Were you the victim of investment fraud in Florida? You need to take a proactive approach to protect your rights, your interests, and your ability to get compensation for your damages. Securities fraud cases come in a wide range of different forms. Here are three steps that you should take regardless of the specific circumstances of your case:
- Document Your Losses: As an investor, you should first carefully document your losses. It is crucial that you gather as much relevant documentation as possible about the fraud.
- Report Securities Fraud: Securities fraud should be reported—potentially to federal regulators, state regulators, and, in some cases, even law enforcement.
- Speak to an Attorney: You do not have to take on a securities fraud case alone. A top-tier Miami, FL investment fraud attorney can help you take action to get compensation.
Get Help From a Miami Investor Losses Attorney Today
At Carlson & Associates, P.A., our Miami investment fraud lawyer provides experienced legal advocacy to investors. If you sustained serious financial losses as a consequence of securities fraud, it is imperative that you consult with a lawyer as soon as possible. We can help. Contact us at our Miami law office today for your strictly confidential, no obligation initial consultation.
