Reuters
SEC settles with Florida firm over $410 million IPO-linked fraud
The U.S. Securities and Exchange Commission has reached a settlement with a Florida firm it said raised at least $410 million by fraudulently promising investors access to private companies that could conduct initial public offerings. In a court filing on Thursday, the SEC said it had reached a “resolution in principle” with StraightPath Venture Partners LLC, its three founders, and its fund manager over the lawsuit it filed earlier this month. The SEC said the Jupiter, Florida-based company pitched its investment vehicles as a way for ordinary investors to own hard-to-find pre-IPO shares in private companies, such as plant-based burger maker Impossible Foods and cryptocurrency exchange Kraken – but often did not actually have the shares.
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