The Securities and Exchange Commission has sued private-fund adviser Meyer Global Management and its chief executive, Owen E.H. Meyer, alleging a series of schemes involving client money, false account statements and investments in private companies.
The complaint says the defendants misused assets held by Meyer-managed funds and, in at least three instances, diverted investor money toward Meyer’s personal expenses. Regulators also allege that investors received statements carrying inflated account values and that some were required to accept less than they were owed before obtaining distributions.
One part of the case concerns a fund’s interest in SpaceX. According to the SEC, the defendants repeatedly failed to cure a capital-call shortfall, causing the fund to forfeit an investment worth nearly $3 million. Those assertions remain allegations and have not been tested in court.
The civil action was filed in federal court in Manhattan. The SEC seeks injunctions, disgorgement with interest and civil penalties, as well as a conduct-based injunction against Meyer. The agency’s official case notice links the filed complaint.
