SEC charges advisers over fake pre-IPO OpenAI and SpaceX share sales
sourdub · reddit · 2026-10-02
Per Fortune, the SEC has charged private fund advisers who allegedly told investors they were buying pre-IPO OpenAI and SpaceX shares, while spending the money on strip clubs, Bloomingdale's, and Amazon shopping. The case highlights fraud risks in the hot, loosely regulated pre-IPO secondary market for AI unicorn shares.
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