Leadership and Companies
SEC Charges Meyer Adviser Over Misused Funds, Lost SpaceX Stake
The SEC charged Meyer Global Management and CEO Owen Meyer with allegedly defrauding retail investors in private funds.
What happened
The SEC alleges that, since at least December 2021, Meyer Global Management and CEO Owen E.H. Meyer misused client assets, including for personal expenses, and sent investors inflated account statements. Investors allegedly received less than they were owed unless they signed releases. A fund also forfeited a nearly $3 million SpaceX investment after a capital-call deficiency went unresolved.
Why it matters
The allegations put retail investors’ money, fund governance and access to pre-IPO investments at the centre of an SEC enforcement case seeking penalties and investor repayments.
Source: U.S. SEC Press Releases