The Securities and Exchange Commission filed two cases Wednesday alleging that private fund advisers raised millions from small investors by promising pre-IPO shares in OpenAI, SpaceX and other hot startups, then diverted the money to personal spending, options trading and fake …
SEC Accuses Private Fund Advisers of Spending Investor Cash on Strip Clubs and Shopping
The Securities and Exchange Commission filed two cases Wednesday alleging that private fund advisers raised millions from small investors by promising pre-IPO shares in OpenAI, SpaceX and other hot startups, then diverted the money to personal spending, options trading and fake account statements.
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