SEC Charges Meyer Global Management and Its CEO With Defrauding Retail Investors in Private Funds That Held Interests in SpaceX and Other Pre-IPO Securities

The Securities and Exchange Commission today charged private fund adviser Meyer Global Management LLC (MGM) and its CEO, Owen E.H. Meyer, with defrauding investors and MGM-managed funds in connection with investments in SpaceX and other pre-IPO securities. According to the SEC’s complaint, in a series of schemes from at least December 2021 to the present, the defendants violated their fiduciary duties by misusing client fund assets, and lied to the underlying investors in the funds. In at least three of those schemes, the defendants allegedly misappropriated client assets from certain MGM-managed funds to pay for Meyer’s personal expenses. As outlined in the complaint, the defendants concealed their actions in one scheme by sending statements to investors that inflated their account values.