SEC sues Meyer Global Management and its CEO, alleging fraud on retail investors in pre-IPO SpaceX funds

Key points

• The SEC filed the complaint in the U.S. District Court for the Southern District of New York alleging violations of the Advisers Act.U.S. District Court for the Southern District of New YorkU.S. Securities and Exchange Commission
• Defendants allegedly raised $18.5 million across 16 single-asset funds from nearly 100 investors while sending account statements with inflated values.U.S. District Court for the Southern District of New YorkFortune
• The complaint alleges Meyer diverted $1.27 million to personal spending including luxury retail shopping, residential landscaping, and adult entertainment club expenses.U.S. District Court for the Southern District of New YorkFortune
• MGM allegedly failed to meet capital call notices, causing fund Starship X to forfeit its entire $3 million SpaceX investment.U.S. District Court for the Southern District of New YorkU.S. Securities and Exchange Commission
• The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and a conduct-based injunction against Meyer.U.S. District Court for the Southern District of New YorkU.S. Securities and Exchange Commission

Sources4 articles across 4 outlets

• Fortune

  • Investors thought they were buying pre-IPO OpenAI and SpaceX shares. Their cash went to strip clubs, Bloomingdale’s, and shopping on Amazon, SEC allegesOct. 1, 2026

• Reuters

  • SEC charges private fund adviser for allegedly defrauding retail investorsSept. 30, 2026

• U.S. District Court for the Southern District of New York

  • Securities and Exchange Commission v. Meyer Global Management, LLC, and Owen E. H. Meyer, Complaint (No. 1:26-cv-08607)Sept. 30, 2026

• U.S. Securities and Exchange Commission

  • SEC Charges Meyer Global Management and Its CEO With Defrauding Retail Investors in Private Funds That Held Interests in SpaceX and Other Pre-IPO SecuritiesSept. 30, 2026

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