The U.S. Securities and Exchange Commission has filed lawsuits against two private fund advisers accused of defrauding investors through false claims about holding pre-IPO shares in OpenAI, SpaceX, and xAI. The SEC alleges Meyer Global Management raised at least $18.5 million from nearly 100 investors for pre-IPO investments but misappropriated at least $1.27 million for personal expenses, while some funds marketed for OpenAI and SpaceX shares did not actually hold those assets. In a separate case, Beyond Alpha Ventures principals Christopher Dinelli and Jacob Frankel face charges of raising over $8.7 million from 35 investors by falsely advertising holdings in SpaceX and xAI. The SEC states the pair provided fraudulent investment reports and diverted capital to options trading, film investments, and personal use. Regulators emphasized that none of the referenced tech companies or their management were implicated in any wrongdoing.