The Securities and Exchange Commission has filed a lawsuit against Adit Ventures Management, LLC and its CEO Eric Munson for fraud and misappropriation of client assets. The New York-based venture capital firm, which managed approximately $465.9 million in regulatory assets according to official filings, maintained a portfolio including stakes in Airbnb, Palantir and Spotify. Eric Munson, the founder and majority shareholder of the firm, is accused of misleading investors and misappropriating client funds. The company’s Exempt Reporting Adviser status was withdrawn on March 29, 2024, preceding the SEC’s enforcement action.
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