The U.S. Securities and Exchange Commission (SEC) charged a venture advisory firm and its CEO on Monday for allegedly misleading investors to raise capital for its funds and misusing that capital. In a complaint filed in the U.S. district court for the Southern District of New York, the SEC alleged that New York-based Adit Ventures Management LLC, its CEO, Eric Munson, and three affiliated general partners (Adit Ventures LLC, Adit Ventures II LLC, and Adit Ventures III LLC) breached U.S. securities rules. The defendants agreed to settle the SEC’s charges without admitting the allegations. In a statement, Munson indicated that he settled to avoid prolonged litigation, but “vehemently denies” the SEC’s allegations. It is not a concession that these charges have any merit whatsoever,” he said.