The SEC alleged that the investment adviser had used “false claims and promises” to solicit investments in Adit-managed funds and used client money for the firm’s own benefit. The SEC’s complaint said that Munson had solicited an investor by falsely claiming that a fund owned shares of stock of a private, pre-IPO company. The agency also alleged that the defendants bought pre-IPO shares and then caused client funds to buy those shares at a higher price, misrepresenting their true cost. Three sales executives were arrested the previous February on charges brought by the Eastern District of New York relating to an alleged pre-IPO fraud scheme. Artificial-intelligence company Anthropic said earlier this year it was aware of investment funds that claim to offer indirect access to its stock, and wanted “to help protect individuals from potentially invalid transfers or investment fraud.”