The Securities and Exchange Commission has filed charges against private fund advisers accused of misappropriating millions of dollars from investors by falsely promising them access to highly sought-after pre-IPO shares in private companies. Owen Meyer and his firm Meyer Global Management allegedly diverted at least $1.27 million from the $18.5 million raised from nearly 100 investors, including more than $18,000 spent at a strip club in a single night in April 2023. In a second case, former naval officers Christopher Dinelli and Jacob Frankel are accused of defrauding 35 investors out of more than $8.7 million through false promises of access to SpaceX, xAI, Kraken and SandboxAQ. The funds raised for these pre-IPO investments were largely lost in trading operations or diverted for personal use, including luxury purchases and legal fees. None of the companies mentioned are implicated in these fraud allegations.
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