Polymarket has reportedly dismissed its chief marketing officer Matthew Modabber, who was also a close friend of the company’s chief executive, following an internal investigation into several alleged incidents of misconduct.
The New York Post reported that Modabber was ousted after the inquiry examined, among other matters, an alleged scheme involving fake trades.
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The Commodity Futures Trading Commission is investigating claims that members of Modabber’s team produced a webpage showing videos of users apparently making profits from fabricated trades. No wrongdoing has been proved.
The investigation into the alleged activity is separate from the company’s internal decision to remove Modabber, according to the report.
Polymarket’s board reportedly decided that the marketing chief was obstructing efforts to improve the prediction market’s public image. The company is considering a potential initial public offering, making its reputation a particular focus as it seeks to strengthen its position.
There has been no finding that Modabber or his team committed wrongdoing in relation to the claims being examined by the Commodity Futures Trading Commission.
