The U.S. Securities and Exchange Commission charged Adit Ventures Management, CEO Eric Munson and three affiliated general partners with defrauding investors in funds offering access to pre-initial public offering shares, including SpaceX and Klarna. The complaint alleges that, from at least April 2019 through December 2024, the defendants used misrepresentations to attract capital, misappropriated client assets and generated tens of millions of dollars in unauthorized fees and profits. The alleged conduct included more than 50 unauthorized loans involving client funds and more than 150 principal transactions in which the general partners sold pre-IPO shares to client funds without the required disclosure and consent, often at undisclosed markups. The defendants also allegedly charged unauthorized acquisition fees, pledged client assets as collateral for a USD 10 million credit line and misrepresented the cost of acquiring shares. Adit Ventures Management is separately charged with failing to register as an investment adviser when required before March 2024. Without admitting the allegations and subject to court approval, the defendants agreed to permanent injunctions and to pay disgorgement, prejudgment interest and civil penalties in amounts to be determined by the court. Munson also agreed to a forthcoming associational bar, with the right to apply for reentry after three years.

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