SEC sues Owen Meyer for misappropriating $18.5 million
The U.S. Securities and Exchange Commission filed two lawsuits on Wednesday against private fund advisers who allegedly misappropriated millions of dollars from investors who believed they were buying pre‑IPO shares in companies such as OpenAI and SpaceX. In the first case, the SEC sued 35‑year‑old Owen Meyer and his firm, Meyer Global Management, for raising at least $18.5 million from nearly…
Key points
- SEC sues Owen Meyer for misappropriating $18.5 million from nearly 100 investors.
- Meyer allegedly spent $18,000 on strip‑club entertainment and transferred $10,000 from investor funds to his personal account.
- Beyond Alpha Ventures' founders Dinelli and Frankel defrauded 35 investors of $8.7 million, claiming pre‑IPO stakes in SpaceX and xAI.
Investors thought they were buying pre-IPO OpenAI and SpaceX shares. Their cash went to strip clubs, Bloomingdale’s, and shopping on Amazon, SEC alleges
fortune.com · 1 October 2026
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