The SEC has filed a complaint against The Spaventa Group, a Long Island-based financial firm, for allegedly raising more than $74 million from over 800 investors by selling shares in pre-IPO companies such as SpaceX, Anduril, Anthropic, and Perplexity. More than 100 investors were retirees, and over 650 had invested $100,000 or less. According to the SEC, hidden fees averaged 46%, reaching as high as 91% in some cases, despite official promises of no excessive markups. Andrew Spaventa, the firm’s director, has denied the SEC’s allegations, which were filed Friday in the Southern District of New York.
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