NEW YORK, Dec 18 (Reuters) – A New York investment manager, Giovanni Pennetta, has been indicted for allegedly defrauding millions of dollars from investors in a sham pre-IPO scheme linked to U.S. drone-maker Anduril Industries.
Pennetta, manager of Sestante Capital, was arrested Sunday at JFK International Airport and charged with securities fraud, wire fraud, and aggravated identity theft, the Department of Justice said. Prosecutors allege he promised investors “economic exposure” to non-public shares in Anduril, raising millions despite having no access to the company’s stock.
Anduril, which develops drones and military AI for the Pentagon and was valued at $30 billion in a June funding round, declined to comment. A company spokesperson warned that any investment offers not directly from Anduril are likely scams.
This case highlights the increasing risk of fraud in private tech investments, as companies like Anduril, OpenAI, and SpaceX remain private and restrict public share distribution. Investors are often targeted with glossy presentations, fake documents, and false promises of exclusive access to high-value pre-IPO shares.
Similar cases have emerged recently. In September 2024, the SEC charged three individuals involved in a pre-IPO fraud scheme that raised $120 million, and in February, three sales executives were arrested in a separate New York case involving private company pre-IPO shares.
Experts note that the longer tech companies stay private, the greater the risk for fraudulent schemes, due to limited public scrutiny and transparency.
