At a glance
- The complaint, filed in the U.S. District Court for the Southern District of New York, alleges schemes that ran from at least December 2021 to the present, according to the regulator's release.
- In at least three of those schemes, the regulator alleges, assets were misappropriated from certain MGM-managed funds to pay for Meyer's personal expenses.
- For an allocator underwriting a pre-IPO feeder, the allegations land on two documents: the capital-call provision and the release language attached to a distribution.
The SEC charged private fund adviser Meyer Global Management and its CEO, Owen E.H. Meyer, with defrauding investors in funds that held SpaceX and other pre-IPO securities. The complaint, filed in the U.S. District Court for the Southern District of New York, alleges schemes that ran from at least December 2021 to the present, according to the regulator's release.
In at least three of those schemes, the regulator alleges, assets were misappropriated from certain MGM-managed funds to pay for Meyer's personal expenses. The SEC says the defendants also lied to the funds' underlying investors and concealed one scheme by sending statements that inflated account values. The SEC's release, last updated Sept. 30, 2026, does not include a response from Meyer or the firm; this account rests on the SEC's description of its own complaint.
For an allocator underwriting a pre-IPO feeder, the allegations land on two documents: the capital-call provision and the release language attached to a distribution. The capital-call provision says who must fund a shortfall when limited partners do not; release language can set conditions on getting money back. The SEC alleges that in one scheme involving three MGM-managed funds, investors were required to sign releases accepting distributions of less than they were owed as a condition for receiving any money at all.
The fund forfeited its nearly $3 million SpaceX investment after the defendants repeatedly failed to address a capital call deficiency owed by that MGM-managed fund, according to the complaint.
Corey A. Schuster, chief of the Enforcement Division's Asset Management Unit, said the case is "a reminder that fraudsters can exploit the allure of exclusive, high-return pre-IPO access to take advantage of retail investors." The complaint charges violations of the antifraud provisions of the Advisers Act of 1940.
The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest and civil penalties against both defendants. It also seeks a conduct-based injunction against Meyer, which would constrain his activities if the court grants it.
Reported by the Manager Selection desk from SEC — Press Releases. Published . Corrections