ETF Managers Group CEO Samuel Masucci Steps Down Amid SEC Probe And Alleged Conflicts Of Interest
Portfolio Pulse from Maureen Meehan
Samuel Masucci, founder and CEO of ETF Managers Group, has resigned amid a SEC probe into alleged conflicts of interest related to the company's cannabis ETF. This comes after the company announced it was selling its ETF lineup to Amplify ETFs and announced two ETF closures. Masucci was previously involved in a controversy in 2019 when his firm was ordered to pay $80 million to NASDAQ for breach of contract.
July 18, 2023 | 7:26 pm
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NEGATIVE IMPACT
ETFMG was previously ordered to pay $80 million to NASDAQ for breach of contract related to the ETFMG Prime Cyber Security ETF and four other ETFs.
The previous legal issue involving ETFMG could negatively impact investor confidence in the ETFMG Prime Cyber Security ETF, potentially leading to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SEC probe into ETF Managers Group involves alleged non-disclosure of conflicts of interest related to the ETFMG Alternative Harvest ETF.
The SEC probe into alleged conflicts of interest could negatively impact investor confidence in the ETFMG Alternative Harvest ETF, potentially leading to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Amplify ETFs is expected to acquire the ETF lineup from ETF Managers Group, which could potentially increase its assets under management.
The acquisition of the ETF lineup from ETF Managers Group could potentially increase Amplify ETFs' assets under management, which could positively impact its performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70