The Securities and Exchange Commission sued private investment adviser Meyer Global Management and CEO Owen E.H. Meyer on September 30, alleging that they defrauded investors in funds targeting SpaceX and other pre-IPO securities. The SEC alleges Meyer raised at least $18.5 million from nearly 100 investors through 16 funds and misappropriated at least $1.27 million for personal consumption, entertainment and investments. The agency said some investors received inflated account statements, others were paid less than they were owed and required to sign releases, and a SpaceX-linked fund lost an investment worth about $3 million after repeated failures tied to a capital-call deficiency. The complaint also alleges that some funds marketed as holding OpenAI or SpaceX shares held no such assets. The SEC is seeking an industry bar, disgorgement and penalties against Meyer. The allegations come alongside the agency's August 10 case against Adit Ventures, Eric Munson and three affiliated general partners over alleged misconduct involving SpaceX and Klarna. On September 30, the SEC also recommended regulatory amendments intended to expand retail access to private investments. SEC Chair Paul Atkins said private investments should not be limited to wealthy investors, while Better Markets warned that less-experienced investors could face greater risks. The same demand for pre-IPO exposure has helped drive tokenized claims, perpetual futures and prediction markets. A CoinMarketCap report published June 10, using data through that date, counted $2.94 billion in cumulative pre-IPO perpetual-futures volume across 10 venues. A SpaceX study published August 31 reported June 2026 last pre-listing closes of $172.84 on Hyperliquid and $170.82 on Binance, compared with SpaceX's $185 June 18 close and $135 book-built offer price. Such products can track valuation without conferring ownership of actual shares, and blockchain infrastructure does not resolve questions about legal rights, pricing or disclosure.