SEC settles charges over SpaceX, Klarna, pre-IPO share fraud

The U.S. Securities and Exchange Commission (SEC) reached a settlement on August 10 with Adit Ventures Management, its founder Eric Munson, and three partners. The charges, filed by the SEC, allege fraud related to pre-IPO investments in companies like Klarna and SpaceX. The investment adviser is accused of using false claims and promises to solicit investments, and using client money for the firm's own benefit, including taking unsecured loans under favorable terms without informing clients.

Adit Ventures, without admitting guilt, agreed to a consent order that includes payments of disgorgement and a civil penalty, pending approval by a federal judge. Munson denied the charges in a statement, stating he delivered for his investors and rejects the allegations.