The US Securities and Exchange Commission sues two private equity funds for fraud and misappropriation of funds

The US Securities and Exchange Commission has sued Meyer Global Management and its head Owen Meyer, accusing them of raising at least $18.5 million from nearly 100 investors under the guise of investing in Pre IPO shares of companies such as OpenAI and SpaceX, and misappropriating at least $1.27 million for personal consumption and investment, with some funds actually not holding related assets. (Source: Wealth)