SEC accuses fund advisor of defrauding SpaceX, OpenAI buyers

The Securities and Exchange Commission accuses a New York fund advisor of working 5 schemes that allegedly defrauded pre-IPO SpaceX and OpenAI buyers. 

The SEC filed a criticism on September 30, 2026, within the US District Court for the Southern District of New York towards Meyer Global Management LLC and its sole proprietor. The submitting alleges the defendants misappropriated at the very least $1,270,000 from non-public funds and deceived practically 100 buyers over 5 years. 

The agency raised at the very least $18.5 million by promoting pursuits in funds designed to carry pre-IPO shares in corporations together with SpaceX and OpenAI, in line with the criticism. It claimed exempt reporting advisor standing beginning in 2022 and reported at most $34,331,748 in regulatory belongings beneath administration between 2022 and 2025. 

The criticism describes 5 alleged schemes from December 2021 to the current. 

In the primary, the SEC alleges the defendants raised roughly $1.1 million from 13 retail buyers for a SpaceX-linked fund. When a third-party fund refused to approve the switch, the defendants allegedly informed buyers the funding “has been closed” and despatched statements displaying “unrealized good points” on shares the fund by no means acquired, in line with the submitting. The SEC alleges $570,000 of returned capital went to a private checking account, an funding in “an unique automotive firm,” and a distinct fund. 

The second scheme is essentially the most colourful. The submitting alleges the defendants used $85,950 raised from three buyers for a fund shaped to spend money on on-line on line casino operator PlayStar as “an undisclosed, months-long $85,950 interest-free mortgage.” The criticism says the agency’s principal spent over $18,000 of that cash “in a single evening for his private leisure at a strip membership,” together with transferring $10,000 to the membership’s supervisor with memo strains studying “film tickets and theatre efficiency” and “opera.” He invoked his Fifth Amendment privilege when requested concerning the transfers in sworn testimony, in line with the submitting. The fund account hit a $0 stability, but the defendants informed an investor “your capital is protected within the fund,” the criticism says. 

In a 3rd scheme involving a fund repurposed for OpenAI, the SEC alleges the defendants collected roughly $1,097,500 from six buyers and wired roughly $168,000 to a private account – about thrice the agreed administration charges. The OpenAI deal allegedly fell by way of in March 2024, however buyers weren’t informed for six months, the criticism says. As of submitting, the account held roughly $15,600 whereas three buyers had been nonetheless owed roughly $195,000. 

The fourth concerned SpaceX-linked funds that had raised roughly $5.6 million from about 45 buyers. A court-appointed receiver wired $13,829,158.01 for distribution, however the SEC alleges solely roughly $13,142,522 reached buyers. The defendants then allegedly required buyers to signal broad releases earlier than paying out at quantities roughly 5% beneath what their very own calculations confirmed was owed. 

In the fifth, the criticism alleges the defendants didn’t pay a $46,020 capital name, ignored three default notices, and by no means responded to litigation – leading to forfeiture of all of a fund’s SpaceX pursuits value roughly $3,125,000. On the day of SpaceX’s IPO, the defendants nonetheless emailed buyers to “keep tuned for additional updates as to your distribution of shares,” the criticism says. 

The SEC expenses violations of Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act and Rule 206(4)-8. It seeks everlasting injunctions, disgorgement, civil penalties, and a everlasting trade bar. 

These allegations haven’t been examined in court docket. The defendants haven’t filed a response, and no court docket has dominated on the deserves.