StartupsFortuneabout 2 hours ago
SEC Charges Advisers Over Fake Pre-IPO Funds
8 min read
The SEC charged two sets of private fund advisers with defrauding investors who thought they were buying pre-IPO shares in OpenAI, SpaceX, Kraken and SandboxAQ. Owen Meyer allegedly raised $18.5 million from nearly 100 investors and misappropriated $1.27 million, including strip club and retail spending. Christopher Dinelli and Jacob Frankel allegedly took $8.7 million from 35 investors.
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