SEC v. Owen E.H. Meyer and Meyer Global Management LLC — U.S. Securities and Exchange Commission Litigation Release No. 26659, dated September 30, 2026.
Named in the SEC’s action
- Owen E.H. Meyer and Meyer Global Management LLC
The SEC charged Meyer Global Management LLC and its CEO, Owen E.H. Meyer, with defrauding investors in private funds that held pre-IPO securities like SpaceX. They allegedly misused fund assets for personal expenses, sent inflated account statements, and caused a nearly $3 million investment in SpaceX to be forfeited due to a failure to meet a capital call.
In Plain English
Imagine you give your friend money to invest in a cool startup. Your friend is supposed to keep your money safe and grow it. But instead, your friend secretly uses some of that money for their own shopping trips and parties. They even lie about how much money you have, sending you fake statements that make it look like your investment is growing when it's actually shrinking. In one case, they messed up so badly with a big investment that the whole investment was lost, and your money went with it.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- Fundraising for Pre-IPO Investments From at least 2019 to 2024, Meyer Global Management (MGM) and its CEO, Owen E.H. Meyer, raised at least $18,500,000 from nearly 100 investors. They sold interests in private funds that were intended to invest in pre-IPO securities, including companies like SpaceX and OpenAI.
- Misappropriation for Personal Use In at least three schemes between December 2021 and the present, defendants allegedly misappropriated at least $1,270,000 of client fund capital. This money was used for Meyer's personal expenses, lifestyle, and other investments, directly violating their fiduciary duties.
- Lavish Personal Spending One specific instance of misappropriation involved using fund capital as an $85,950 interest-free loan over several months. This included spending over $18,000 in a single night for Meyer's personal entertainment at a strip club.
- Inflated Account Statements To conceal their actions, the defendants allegedly sent investors statements that inflated their account values. This deception aimed to mislead investors into believing their investments were secure or growing, when in fact, the capital had been dissipated.
- Holding Investor Proceeds Hostage In one misappropriation scheme involving three MGM-managed funds, defendants skimmed proceeds that should have been distributed to investors. They then required investors to sign releases accepting distributions that were less than they were owed in order to receive any money at all.
- Failure to Fund SpaceX Capital Call In a separate scheme, defendants breached their fiduciary duties to a fund holding SpaceX assets. They failed to pay a capital call in 2024 and ignored multiple notices of default regarding the fund's investment in SpaceX.
- Forfeiture of SpaceX Investment The defendants' failure to address the capital call deficiency and their lack of participation in legal proceedings ultimately led to the forfeiture of the fund's nearly $3,000,000 investment in SpaceX. After losing the fund's sole asset, they misled investors about potential distributions.
- Breach of Fiduciary Duty Throughout these schemes, MGM and Meyer consistently deceived investors, put their own interests above those of the funds, and failed to act in the best interests of their client funds, thereby breaching their fiduciary duties under the Advisers Act of 1940.
The Enforcement Action
On September 30, 2026, the SEC charged Meyer Global Management LLC and its CEO, Owen E.H. Meyer, with defrauding investors in private funds that held interests in SpaceX and other pre-IPO securities. The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.