AI gets its own “boiler room” scandal
This was a headline I’d been waiting to see. “Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims,” my colleague Amanda Gerut wrote last week, outlining a case that the SEC has brought against a Long Island-based financial firm it’s calling a pre-IPO “boiler room.” At the center of the SEC’s allegations, The Spaventa Group, run by former broker Andrew Spaventa.
Reported by 1 outlet — Fortune. See all sources ↓
This was a headline I’d been waiting to see. “Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims,” my colleague Amanda Gerut wrote last week, outlining a case that the SEC has brought against a Long Island-based financial firm it’s calling a pre-IPO “boiler room.” At the center of the SEC’s allegations, The Spaventa Group, run by former broker Andrew Spaventa. The complaint, filed Friday, is a doozy: 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. The companies the agents were (again, allegedly) selling were the sexiest private company names out there, including Anduril, Anthropic, Perplexity, and SpaceX (before its IPO).
Read the full report at Fortune ↗
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- What's the story?
- This was a headline I’d been waiting to see. “Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims,” my colleague Amanda Gerut wrote last week, outlining a case that the SEC has brought against a Long Island-based financial firm it’s calling a pre-IPO “boiler room.” At the center of the SEC’s allegations, The Spaventa Group, run by former broker Andrew Spaventa.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 1m ago.
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AI gets its own “boiler room” scandal
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