Key facts
- Meyer Global Management and CEO Owen Meyer were charged by the SEC.
- The SEC alleges the firm defrauded retail investors seeking pre-IPO shares.
- Client assets were allegedly misused for personal expenses.
- A fund forfeited nearly $3 million due to a capital call deficiency related to a SpaceX investment.
- The SEC is seeking injunctive relief, civil penalties, and disgorgement.
The U.S. Securities and Exchange Commission on Wednesday charged Meyer Global Management and its CEO, Owen Meyer, alleging they defrauded retail investors. The complaint, filed in the U.S. District Court for the Southern District of New York, claims the private fund adviser misused client assets for personal expenses and misled investors. According to the SEC, Meyer Global Management and Meyer repeatedly failed to address a capital call deficiency for an MGM-managed fund, resulting in the forfeiture of nearly $3 million invested in SpaceX. The SEC is seeking permanent injunctive relief, civil penalties, and disgorgement of illegal profits.