The US Securities and Exchange Commission has settled fraud charges against private-fund adviser Adit Ventures Management LLC, its CEO Eric Munson, and three affiliated general partners, in a case that reads like a cautionary tale about the frenzy for pre-IPO shares in marquee names. Crypto platforms, for instance, promised SpaceX exposure through tokenised stock that never actually arrived. The firm and its general partners allegedly made false claims about owning pre-IPO shares in hot private companies, SpaceX and Klarna among them, precisely the sort of headline holdings that make a fund look plugged in. There was also, the SEC says, a neat trick with the shares themselves. Adit Ventures Management is also accused of failing to register as an investment adviser at all.