Business & Finance
SEC Alleges Fund Adviser Misled Investors in Pre-IPO Schemes
Key Points
SEC Alleges Fund Adviser Misled Investors in Pre-IPO Schemes Investment adviser Adit Ventures and co-founder Eric Munson were accused by the US Securities and Exchange Commission of making false claims about investments and overcharging clients with millions of dollars in undisclosed fees to buy shares of companies including SpaceX and Klarna before they were offered to the public. Munson, 65, and his firm agreed to settle the SEC’s allegations without admitting to the regulator’s claims,...
SEC Alleges Fund Adviser Misled Investors in Pre-IPO Schemes
Investment adviser Adit Ventures and co-founder Eric Munson were accused by the US Securities and Exchange Commission of making false claims about investments and overcharging clients with millions of dollars in undisclosed fees to buy shares of companies including SpaceX and Klarna before they were offered to the public.
Munson, 65, and his firm agreed to settle the SEC’s allegations without admitting to the regulator’s claims, the regulator said Monday in a filing in federal court in Manhattan. Terms of the settlement, which will likely include civil penalties and a return of illicit profits, will be decided later, the SEC said.