SEC accuses Spaventa Group of selling SpaceX, Anduril shares to retirees with 46% average markup

Published Aug 15, 02:38 PM UTC

The U.S. Securities and Exchange Commission (SEC) filed a complaint against Andrew Spaventa and his firm The Spaventa Group (TSG), alleging they operated a boiler room that raised over $74 million from more than 800 investors, including over 100 retirees, by selling shares in pre-IPO companies like SpaceX, Anduril, Anthropic, and Perplexity. Investors were promised no hidden fees but allegedly paid an average 46% markup, with some markups as high as 91%. The SEC claims Spaventa and his entities collected $23 million in undisclosed fees, with over $12 million going to sales commissions and Spaventa personally making at least $4 million, which he spent on a home, renovations, travel, and luxury cars. Spaventa denied the allegations and plans to defend himself. The SEC charged him and three entities with fraud and securities law violations.