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The U.S. SEC sues two private equity funds: suspected of falsely selling Pre-IPO shares of OpenAI, SpaceX, etc., and misappropriating investor funds

According to Fortune, the U.S. Securities and Exchange Commission (SEC) has filed lawsuits against two private fund cases, accusing the relevant fund advisors of raising funds under the pretext of investing in popular tech companies like OpenAI and SpaceX before their IPOs, but allegedly providing false information to investors and misappropriating some of the funds.The SEC stated that Meyer Global Management and its head Owen Meyer are suspected of raising at least $18.5 million from nearly 100 investors to purchase shares of companies before their IPOs, but misappropriated at least $1.27 million, including using fund money for personal consumption, paying entertainment expenses, and personal investments. Among them, the SEC accused Meyer of establishing a fund for investing in shares of OpenAI and SpaceX, but some of the funds did not actually hold the relevant assets.In another case, the SEC and federal prosecutors accused Beyond Alpha Ventures heads Christopher Dinelli and Jacob Frankel of raising over $8.7 million from 35 investors and falsely promoting that the fund held shares in companies like SpaceX and xAI.The SEC stated that the two provided false investment reports, with some of the funds being used for options trading, film investments, and personal use. The SEC emphasized that the accused tech companies and their management have not been found to have engaged in misconduct. Regulatory agencies have been continuously monitoring investment products that promote "acquiring shares before popular private company IPOs" and have launched multiple enforcement actions against relevant private fund advisors.

first_img Satellite communication company Space Network signs a $50 million pre-purchase in the Philippines

Satellite communication infrastructure company Space Network has signed a binding pre-purchase agreement worth $50 million with Philippine infrastructure company HQ Company International Holdings to provide satellite connectivity to the Philippines through the low Earth orbit satellite network Freeport. The signing ceremony was held at SKY 31 in Seoul, attended by Space Network CEO Tae Lim Oh and HQ Company CEO Yongsoo Samuel Cho.According to the agreement, Space Network will provide access to the Freeport network, technical hardware, software, and ongoing engineering support, while HQ Company will be responsible for local sales, customer acquisition, spectrum authorization, and regional service implementation. Cho is the son-in-law of former Philippine President Fidel V. Ramos and has long been engaged in cross-border investment and infrastructure business in the Philippines. This agreement adds to the $100 million agreement signed by Space Network with Vietnam's DETI Technology in June 2026, bringing the total commercial pre-purchase amount to $150 million.Freeport is built and operated by Space Network, currently featuring 4 low Earth orbit satellites, with plans to expand to approximately 230 satellites by the time commercial services launch in 2029. Operators can purchase regional capacity and build their own services on the open network, with nodes settling through on-chain contracts. The related project Spacecoin combines blockchain protocols with low Earth orbit satellites for service pricing and payments within the network.
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