A few family members mentioned that they bought shares of SpaceX through a pre-IPO investing firm. The name they mentioned was Prior2IPO / Late Stage Management. I decided to check them out before family started investing more money with them and the whole thing sounds like some sort of boiler room operation. Has anyone heard if these guys and know if my family just got tied up in some fraud? Few things that concerned met up front:
1) Neither of them are registered as an investment advisor or broker dealer. They only accept accredited investors but I was still under the impression that you were required to be registered/licensed to operate in this space. Or is there some safeharbor provision I'm not aware of.
2) They claim the only fee charged is carry when the company IPOs, which seems shady. How do these guys pay salary/rent/expenses while waiting for a company to IPO?
3) When I pressed their sales guy on how things work/the mechanics, he hung up on me.
4) Everyone who works there has some random background. The CEOs experience is sales at WB Mason / Crossfit instructor. One of their "fund managers" is a DJ, another most recent experience was elementary education, another is a college student.
Anyway, I plan to stay far away but wanted to see if any one can could help verify if these guys are legitimate or not.
Just one other thing to add - I see their marketing guys mentioning opportunities on social media (mainly reddit) which further makes me think they aren't legit
"Our purpose is to connect you with funds that have the strongest Pre-IPO opportunities in the space. To make your first million, you need to listen, watch and follow existing millionaires tactics and strategies. To make your first billion, you need to do the same but raise your bar to only those with billions. This is where we come in."
Lmao the CEO looks like a fucking crook and has literally no background in finance, he's a sales & marketing kid who started a fitness business. Your family got scammed lol
Thats what I thought but they showed me they were paid out on a SoFi deal with them. Guess they paid them our with their Sapcex money.
Probably a Ponzi indeed, and a pretty good one since the dude can just say that those """investments""" are illiquid and cannot be sold easily to get your money back. Go drop a tip to the SEC and try to get back your family's money ASAP.
I haven't heard of these guys until now and haven't looked too closely, but a couple things stand out:
-The "CEO" biography reads like it was written by a 6th grader (actually, everything on the site reads like that)
-Look up their address. They are literally located in a three-shop strip mall next to a nail salon and a pizza shop.
-Look up the CEO's name. One of the first articles will be about someone with the same name from New Jersey who has been hired as a hitman/thief. I didn't read the article closely, but it mentioned a son with the same name. So the article was probably about this dude's dad.
-On the home page, scroll down and look at the "Grand Sponsors". Every one of them has to do with Indian physicians (wtf?)
I would suggest getting the authorities involved immediately because this screams "scam"
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