“The SEC is alleging that Spaventa and his firm had a force of more than 100 agents, making thousands of phone calls, to sell shares in pre-IPO darlings—with no hidden fees.”
“More than 800 people bought in. Most were retail investors, and more than 650 put in $100,000 or less, while over 100 were retirees, according to the Securities & Exchange Commission.”
more than 800 investorsmore than 650 retail investorsmore than 100 retirees
“The alleged boiler room raked in more than $74 million for 11 private funds run from offices on Long Island and New Jersey over the course of four and a half years from December 2020 to June 2025.”
“Investors paid on average 46% more for their positions than Spaventa’s own companies paid to get them, the SEC alleged in a complaint filed on Friday in the Southern District of New York. In some cas…”
