economy
Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims
A sales force of more than 100 agents allegedly cold-called thousands of prospective investors with sleek, scripted pitches for shares in the most exclusive private tech companies in the world, including SpaceX, Anduril, Anthropic, and Perplexity, while promising repeatedly there would be no hidden fees.
TL;DR
- The Spaventa Group (TSG) allegedly cold-called investors, promising pre-IPO shares in exclusive tech companies like SpaceX with no hidden fees.
- Over 800 investors, many retail and retirees, invested over $74 million in 11 private funds over four and a half years.
- Investors allegedly paid an average of 46% more for shares, with markups reaching 91% in some cases, totaling $23 million in undisclosed fees.
- Founder Andrew Spaventa, along with TSG and related entities, is charged with fraud and violating securities provisions.
- Sales agents were allegedly coached to use high-pressure tactics and deceptive language regarding fees and investment performance.
- The SEC is seeking disgorgement, civil penalties, and a permanent ban from the securities industry for Spaventa and his companies.