US charges two former Linqto CEOs over $450 million 'pre-IPO' fraud scheme, one pleads guilty

Two former CEOs of Linqto, William Sarris and Joseph Endoso, face criminal fraud charges in a $450 million pre-IPO investment scheme. Sarris, 75, founded the now-bankrupt Silicon Valley platform and was CEO for 14 years. Endoso, 66, succeeded Sarris as CEO after serving as president. Prosecutors allege Sarris exploited investors' difficulty valuing private companies by creating false scarcity and charging markups that inflated prices.

Endoso pleaded guilty to securities fraud, broker-dealer fraud, and conspiracy. Sarris, who denies the charges, faces additional counts including securities fraud, wire fraud, broker-dealer fraud, and conspiracy. The scheme allegedly ran from 2020 to 2025, attracting over $450 million from more than 13,000 investors. Linqto filed for Chapter 11 bankruptcy protection in July 2025.