Here's the simplest example I have of Som Seif lying about an aspect of a fund:
You can play the audio above or here's the transcript:
...I'm very proud that we we did some amazing things. So just to give you an example, the very first ETF I launched, the Canadian Fundamental Index, when it hit its five-year number, it was not the number three, number four. It was the number one Canadian equity fund in Canada. It beat every single Canadian index, every single Canadian active money manager. It did amazing. Now, that was through 2008. And, you know, I'm very proud of that, you know, that that we built these products that were ultimately going to be top quartile or top decile in in that case, you know, number one.
This was on the Ginsler Wealth podcast from December 2024. But my notes say that Som has made this claim in other instances too. Claymore's own press release at the time said the fund was number 2, not number 1. Of course, Som Seif was CEO, so he is quoted in that press release, he should know.
You probably don't need to be a securities lawyer to understand that this is a false statement: a clear factual assertion that is not supported by reality. He wasn't selling that fund when he made the claim, so it's probably not a violation of securities law. But it establishes a pattern, when combined with everything else I have written: a compulsive need to embellish facts.
