The Securities and Exchange Commission charged a private fund adviser, Meyer Global Management LLC, and its CEO, Owen E.H. Meyer, on September 30 with defrauding investors in private funds tied to SpaceX and other pre-IPO securities, meaning securities issued before a company's first public stock sale. The complaint, filed the same day in the U.S. District Court for the Southern District of New York, is an allegation, not a finding.
What the SEC alleges
The complaint says the company and Meyer raised at least $18,500,000 from nearly 100 investors between at least 2019 and 2024, selling interests in about 16 related funds, most meant to hold SpaceX.
It describes at least five schemes from December 2021 to the present. In three, it says, they misappropriated at least $1,270,000 for Meyer's lifestyle, personal investments and other funds' investments, while telling investors their money was "safe" or "secure," or growing.
How the alleged schemes worked
- A purchase that was refused. About $1.1 million from 13 investors was meant to buy a SpaceX stake. The complaint says the underlying fund refused the transfer in April 2021, yet investors were told in June 2021 the deal had closed and later got statements showing gains. It says $570,000 of the at least $600,000 the seller returned was misappropriated.
- Fees above what investors agreed. For a fund meant to buy OpenAI shares, documents allowed fees of about $54,000. The complaint says about $168,000 net went to Meyer's personal account.
- Payouts cut. For three SpaceX funds that raised about $5,600,000, a receiver wired $13,829,158.01 for distribution. The complaint says $686,636 went elsewhere, mostly to Meyer's personal account, and investors had to sign releases accepting totals about 5% below Meyer's own calculation.
- A forfeited stake. One of Meyer's funds held its SpaceX exposure through an outside fund. A $46,020 capital call from that outside fund, a demand that its investors pay money already committed, went unpaid in 2024 despite three default notices, the complaint says. A Florida court then ceded the Meyer fund's SpaceX interest to the outside fund. The Meyer fund's investors had put in nearly $3,000,000. On June 12, 2026, defendants told them to "stay tuned" for share distributions, it says.
What the SEC wants
The complaint charges violations of the antifraud provisions of the Investment Advisers Act of 1940. It seeks permanent injunctions, disgorgement (giving up gains) with interest, and civil penalties against both defendants. It also asks for an order barring Meyer from acting as or being associated with any broker, dealer or investment adviser. The SEC demands a jury trial.
What the documents do not say
- Neither reports a response from the defendants, a settlement or a court ruling.
- The release gives investors no instructions. Corey A. Schuster, the SEC's Asset Management Unit chief, says in it that the case "is a reminder that fraudsters can exploit the allure of exclusive, high-return pre-IPO access to take advantage of retail investors".
- The complaint describes the defendants' pay as management fees and carried interest (a share of profits), not share markups.