The U.S. Securities and Exchange Commission (SEC) on September 30 charged Meyer Global Management LLC and its chief executive, Owen E.H. Meyer, with defrauding investors in private funds that held SpaceX and other pre-IPO interests. The regulator alleges one fund forfeited its nearly $3 million SpaceX investment after the adviser repeatedly failed to address a capital call deficiency.
The SEC filed the case in the US District Court for the Southern District of New York. It seeks injunctions, disgorgement and civil penalties against both defendants, plus a permanent injunction barring Meyer from acting as, or being associated with, an investment adviser or broker-dealer. A Meyer Global lawyer did not immediately respond to a request for comment, Reuters reported. The allegations are unproven.
How Did a $46,020 Call Become a Near-$3m Loss?
The fund is Oikoi Network Partners, LP, known as Starship X. The complaint says it raised about $3.1 million from three outside investors in early 2022 to gain SpaceX exposure through a third-party fund, Fund Y, run by an adviser the complaint does not name. A capital call is a demand that investors contribute money already committed. Fund Y’s agreements allowed forfeiture if calls went unpaid. Meyer Global paid calls in 2022 and 2023, the SEC says, but not one dated January 3, 2024 for $46,020.
The third-party fund sent default notices on February 9, March 22, and July 9, 2024, then sued in a Florida state court on October 1, 2024. Meyer Global filed no answer, according to the complaint. On November 19, 2024 the court issued a declaratory judgment ceding all of Starship X’s SpaceX interests to Fund Y, leaving the fund with zero or nearly zero assets.
Investors Told to Stay Tuned After the Stake Was Gone
The SEC says Meyer Global disclosed neither the missed call nor the lawsuit. The fund’s largest investor learned of the forfeiture only after hiring counsel to investigate, following vague communications in December 2025.
On June 12, 2026, the day SpaceX began trading on Nasdaq after an IPO priced at $135 a share, Meyer Global emailed investors in its Starship funds and told them to “stay tuned for further updates as to your distribution of shares.” The complaint says Starship X held no SpaceX interests to distribute. Disruption Banking covered that debut and later tracked the shares’ aftermarket performance.
What Else Does the SEC’s Complaint Allege?
The SEC describes five schemes since December 2021. In three, it says Meyer Global misappropriated at least $1.27 million of client money for Meyer’s lifestyle, personal investments and other funds. In one of those three, involving three funds that liquidated SpaceX holdings, investors had to sign releases accepting payouts about 5% below what Meyer’s own calculations showed.
Meyer Global advised about 16 affiliated private funds. Meyer, 35, is its sole owner and only full-time employee, the complaint says. It adds that he invoked his Fifth Amendment privilege when questioned about some of the spending.
Author: Richardson Chinonyerem
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
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