SEC accuses fund advisers of misusing investor cash meant for pre-IPO OpenAI and SpaceX shares

• —SEC says Owen Meyer and Meyer Global Management raised at least $18.5 million from nearly 100 investors and misappropriated at least $1.27 million
• —Meyer allegedly spent over $18,000 of fund capital at a strip club in April 2023 and wired $10,000 to the club's manager
• —Christopher Dinelli and Jacob Frankel are accused of defrauding 35 investors of more than $8.7 million through Beyond Alpha Ventures
• —The funds falsely claimed to hold SpaceX and xAI shares they never owned