SEC Charges MGM Over SpaceX Pre-IPO Fund Fraud — SkimNews
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- Meyer Global Management LLC and its CEO Owen E.H. Meyer were charged by the SEC with defrauding investors and MGM-managed funds in connection with investments in SpaceX and other pre-IPO securities
- The SEC targeted a private fund adviser whose funds held pre-IPO stakes, with the action naming the CEO personally alongside the firm
Why it matters: The SEC's action holds a private fund adviser and its CEO personally accountable for fraud tied to funds holding pre-IPO stakes in SpaceX and other companies marketed to retail investors. The charges put every adviser selling pre-IPO exposure through fund vehicles on notice that the agency will pursue individual executives, not just firms.
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