---
schema_version: "secwatch.filing_event.v1"
accession: "0001017386-24-000201"
form_type: "8-K"
ticker: null
cik: "0001080319"
company_name: "Elys BMG Group, Inc."
filed_at: "2024-07-17T23:59:59+00:00"
generated_at: "2026-05-31T20:05:57.344994+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Elys BMG board shrinks to single director; CFO resigns, Ciavarella interim CFO

## Summary
- Advisory Committee formed July 5, 2024, with Paul Sallwasser, Larry Flynn, David Aronoff; they resigned from Board, leaving Michele Ciavarella sole Executive Chairman.
- CFO Carlo Reali notified resignation on July 1, effective upon closing of Multigioco Srl sale or earlier if accepted; Board accepted July 5.
- Michele Ciavarella appointed Interim CFO and principal accounting officer effective July 5, 2024.
- Resignations are not due to any disagreement with Company's financials, operations, or policies.
- Reali continues as CFO of Multigioco with annual base salary of €100,000 until effective resignation.

## SEC filing metadata
- accession: 0001017386-24-000201
- form_type: 8-K
- cik: 0001080319
- company_name: Elys BMG Group, Inc.
- filed_at: 2024-07-17T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/elys_2024jul16-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001017386-24-000201
- JSON: https://secwatch.observer/filing/0001017386-24-000201.json
- Plain text: https://secwatch.observer/filing/0001017386-24-000201.txt

## Key facts
- Executive change
  Michele Ciavarella was appointed as Interim Chief Financial Officer at Elys BMG Group, Inc..
  - Action: appointed
  - Role: Interim Chief Financial Officer
  source text: On July 5, 2024, the Board accepted the resignation of Mr. Reali, and on the same day appointed Mr. Ciavarella as the Interim Chief Financial Officer to assume the responsibilities as the Company’s principal accounting officer until a suitable replacement is found.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm
- Executive change
  Larry Flynn resigned as Director at Elys BMG Group, Inc..
  - Action: resigned
  - Role: Director
  source text: each of Messrs. Paul Sallwasser, Larry Flynn, and David Aronoff resigned as members of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm
- Executive change
  Carlo Reali resigned as Chief Financial Officer at Elys BMG Group, Inc..
  - Action: resigned
  - Role: Chief Financial Officer
  source text: On July 5, 2024, the Board accepted the resignation of Mr. Reali
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm
- Executive change
  Paul Sallwasser resigned as Director at Elys BMG Group, Inc..
  - Action: resigned
  - Role: Director
  source text: each of Messrs. Paul Sallwasser, Larry Flynn, and David Aronoff resigned as members of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm
- Executive change
  David Aronoff resigned as Director at Elys BMG Group, Inc..
  - Action: resigned
  - Role: Director
  source text: each of Messrs. Paul Sallwasser, Larry Flynn, and David Aronoff resigned as members of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080319/000101738624000201/0001017386-24-000201-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.