The Securities and Exchange Commission has charged Meyer Global Management and its chief executive, Owen E.H. Meyer, with defrauding investors in pre-IPO securities of companies including SpaceX and OpenAI. The Manhattan-based fund adviser repeatedly misused client assets and lied to investors beginning in December 2021, according to the SEC’s filing.
The SEC alleges that Meyer and his firm repeatedly misused investor funds, using client money for personal expenses. In at least three instances, the agency claims Meyer channeled client capital to cover costs such as an evening at a strip club, personal investments, and funding for other MGM-advised firms. The complaint states that Meyer Global Management and Meyer defrauded investors by misusing at least $1.27 million of client capital for these purposes.
From 2019 to 2024, Meyer Global Management raised at least $18.5 million from nearly 100 investors by selling interests in funds that held pre-IPO securities of various companies, the SEC alleged. The defendants misled investors into believing their investments were secure or increasing in value, while using fund capital to support Meyer’s lifestyle and sustain what the agency described as a fraudulent business operation.
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The SEC’s action coincides with a surge in IPO activity in the first half of 2026. Under SEC Chair Paul Atkins, who took office in April 2025, the agency has moved to ease disclosure guidelines and reduce barriers to going public. In a CNBC interview, Atkins stated that the SEC has shifted its approach, saying, “We’re trying to make IPOs great again.”
From January through June 2026, there were 208 IPOs, a 16% increase from the same period in 2025, the SEC reported. These offerings raised more than $137 billion, compared with over $27 billion in the first half of 2025, marking a 407% surge. Notable large offerings included SpaceX, Honeywell Aerospace, and Cerebras Systems.
