The SEC charged fund advisers in two separate cases with misusing money that investors handed over for pre-IPO stakes in companies including OpenAI and SpaceX. Owen Meyer of Meyer Global Management allegedly collected $18.5 million from close to 100 investors through 16 single-company funds and diverted at least $1.27 million, including more than $18,000 spent at a strip club in one night plus purchases at Bloomingdale’s and on Amazon. His OpenAI fund never got any OpenAI shares, yet he still paid himself roughly $168,000 in fees, the SEC says. Separately, the SEC and federal prosecutors accused Christopher Dinelli and Jacob Frankel of Beyond Alpha Ventures of taking $8.7 million from 35 investors while falsely claiming the funds held SpaceX and xAI, and Frankel called the charges false.
