Key facts
- SEC charged Meyer Global Management and CEO Owen Meyer with defrauding investors.
- Defendants allegedly misused client fund assets and lied to investors.
- Client assets were allegedly misappropriated for Meyer's personal expenses.
- Investors were allegedly sent inflated account values to conceal actions.
- A $3 million investment in SpaceX was allegedly forfeited due to a capital call deficiency.
The Securities and Exchange Commission (SEC) has charged private fund adviser Meyer Global Management LLC (MGM) and its CEO, Owen E.H. Meyer, with defrauding investors and MGM-managed funds. The charges stem from alleged schemes, active from at least December 2021 to the present, involving investments in SpaceX and other pre-IPO securities.
According to the SEC's complaint filed in the U.S. District Court for the Southern District of New York, the defendants are accused of violating their fiduciary duties by misusing client fund assets and lying to investors. In at least three alleged schemes, client assets were purportedly misappropriated to cover Meyer's personal expenses. To conceal these actions in one scheme, the defendants allegedly sent investors statements that inflated their account values.