SEC Charges Investment Adviser With $6.2M Fraud Over Fake Pre-IPO Share Access Claims

According to the SEC, on June 22, investment adviser Giovanni Pennetta was charged with raising over $10.5 million from investors by falsely claiming he could provide access to shares of a private company before its public listing. More than $6.2 million of the funds were diverted for personal expenses and to repay other investors, the SEC alleged. Pennetta controlled NextGenTech Investments LLC and solicited at least six investors between February 2021 and December 2025, falsely representing that he owned or had direct access to the private company's shares. He pleaded guilty to wire fraud in March 2026.
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