Under his bail conditions, Farnsworth was forbidden to cross state lines without notifying his parole officer. After he traveled from New York to Florida in July, he was arrested and is now being held in a Miami detention center, according to prison records.
Representatives for Farnsworth did not respond to Adweek’s request for comment.
Tumbling share prices
Vinco Ventures has similarly struggled. In November, January and April, the company failed to submit financial records required from publicly traded firms, prompting warnings from Nasdaq that it was at risk of being delisted.
In June, three of its five board members abruptly resigned, and the company was delisted from the Nasdaq in July, according to SEC filings.
It can now be traded only over-the-counter, and its stock, which traded for $20 per share last September, is currently valued at less than $1. All regulatory information has been removed from the company website.
Collapsing assets
The company, which maintained a roster of more than a dozen media, entertainment and technology companies, has also seen several of its assets collapse in recent months. Had Vinco Ventures succeeded in acquiring the National Enquirer, the publisher would have been a part of this portfolio.
Earlier this month, one of its portfolio companies, Lomotif, entered bankruptcy proceedings, according to court documents obtained by Adweek.
The Singaporean company, which launched in 2014, was acquired by Vinco Ventures for $125 million in February 2021 and positioned as a TikTok rival.
Neither the Lomotif app nor the website has worked for months, according to Shadwrick Vick, a retail investor who has filed a lawsuit against Farnsworth and other Vinco executives.
Companies ceasing operations
AdRizer, another Vinco Ventures portfolio company, also ceased operations this summer, according to a person familiar with the matter. Vinco Ventures acquired the ad monetization platform for $108 million in October 2021.
A third company, Mind Tank, filed a lawsuit against its portfolio peer AdRizer earlier this month, according to court documents obtained by Adweek.
Several of the remaining Vinco Ventures portfolio companies have simply continued operations despite a lack of communication from Vinco Ventures, according to the person.
While the company lists James Robertson and Chris Polimeni as executives on its website, neither they nor a company representative responded to Adweek’s requests for comment. It is unclear whether Vinco Ventures is currently an operational business.
