Lates News

The U.S. Securities and Exchange Commission announced in a press release on Monday that it has reached a settlement regarding fraud charges against Adit Ventures Management and its founder, as well as three partners, involving pre-IPO investments in companies such as Klarna and SpaceX. The SEC alleged that the investment advisory firm solicited investments in Adit's managed funds using false statements and promises and misused client funds for its own benefit, including obtaining unsecured loans on favorable terms without disclosing them to clients. The SEC stated that while Adit Ventures did not admit to the allegations, it has agreed to a consent order that includes the payment of disgorgement and civil penalties. The consent order is subject to approval by a federal judge.