The SEC has filed a lawsuit against a network of more than 100 brokers for a $74 million fraud targeting over 650 American retirees. The network, led by The Spaventa Group, sold shares marketed as privileged access to SpaceX, Anthropic, and other tech companies before their IPO. One fund purchased Anthropic shares between $32.62 and $41.53 each, reselling them to clients at $58.50, representing a 41 to 79 percent markup and raising $5.8 million in 2024 alone. The SEC is seeking restitution of illicit gains and a permanent market ban for founder Andrew Spaventa, who has denied the allegations and intends to defend himself.
Source: Read the original article
