SEC: Boiler Room Raised $74M With 'Pre-IPO' Funds and 46% Hidden Markups
The SEC charged Andrew Spaventa and three entities over $74M raised from 800+ retail investors in pre-IPO private funds pitched by 100-plus cold-calling sales agents. Prices investors paid ran ~46% above what Spaventa paid, with the markups buried as hidden fees that allegedly netted him around $23M.