On August 10, 2026, the SEC announced that it charged New York-based investment adviser Adit Ventures Management LLC, its CEO Eric Munson (“Munson”), and three affiliated general partners, Adit Ventures LLC; Adit Ventures II LLC; and Adit Ventures III LLC (the “General Partners”), for allegedly defrauding investors and client funds in connection with investments in pre-IPO shares, such as SpaceX and Klarna, including by misappropriating advisory client assets and charging millions in undisclosed fees.

According to the SEC’s complaint, from at least April 2019 through December 2024, the defendants used false claims and promises to persuade investors to contribute capital to Adit-managed funds, including Munson soliciting an investor by falsely claiming that a fund owned shares of stock of a private, pre-IPO company. Allegedly, the defendants regularly used client capital for their own benefit, including by taking unsecured loans from funds on favorable terms, and these transactions were not authorized by fund documents and generally not disclosed to investors.

The complaint also alleges that the defendants violated their fiduciary duties by buying pre-IPO shares and then causing client funds to buy those shares at a higher price, while misrepresenting the true cost of acquiring the shares to investors and without obtaining the requisite consent for these principal transactions; overcharging their client funds millions in unauthorized “acquisition fees”; and improperly pledging client assets as collateral for a $10 million line of credit. 

Munson, Adit Ventures Management, and the General Partners were charged with violating the antifraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940. Adit Ventures Management also was charged with violating the registration provisions of the Investment Advisers Act.

Without admitting the allegations in the complaint, the defendants consented to the entry of a judgment, subject to court approval.  The proposed relief includes, among other things, disgorgement with prejudgment interest and a civil penalty in an amount to be determined by the court. Munson also agreed to a forthcoming associational bar against him with a right to apply for reentry after three years.

Source: SEC.gov

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally-recognized, plaintiff-side class action law firm representing investors and consumers in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, and retirement-plan mismanagement. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.

All representation is provided on a contingency-fee basis, and plaintiffs are not responsible for attorneys’ fees, court costs, or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval. 

PHONE

Tel: 215-792-6676

EMAIL

[email protected]

On November 20, 2025, the Commodity Futures Trading Commission (CFTC) announced the U.S. District Court for the Central District of California entered a final judgement against Safeguard Metals LLC and Jeffrey Ikahn, aka Jeffrey Santulan and Jeffrey Hill, ordering them to pay $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for operating a nationwide, precious metals fraud.

For additional details, visit CFTC Release 9139-25. 

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

PHONE

Tel: 215-792-6676

EMAIL

[email protected]

On July 10, 2025, the SEC announced that it filed charges seeking an asset freeze and other emergency relief against Georgia-based First Liberty Building & Loan, LLC (First Liberty) and its founder and owner, Edwin Brant Frost IV (Frost), in connection with a Ponzi scheme that defrauded approximately 300 investors of at least $140 million.

According to the SEC’s complaint, from approximately 2014 through June 2025, First Liberty and Frost offered and sold to retail investors promissory notes and loan participation agreements that offered returns of up to 18% by representing that investor funds would be used to make short-term bridge loans to businesses at relatively high interest rates.

Allegedly, the defendants told investors that very few of these loans had defaulted and that they would be repaid by borrowers via Small Business Administration or other commercial loans. The SEC’s complaint also alleges that, while some investor funds were used to make bridge loans, those loans did not perform as represented, and most loans ultimately defaulted and ceased making interest payments.

Since at least 2021, First Liberty, according to the SEC’s complaint, operated as a Ponzi scheme by using new investor funds to make principal and interest payments to existing investors. Allegedly, Frost misappropriated investor funds for personal use, including by using investor funds to make over $2.4 million in credit card payments, paying more than $335,000 to a rare coin dealer, and spending $230,000 on family vacations.

Source: SEC.gov

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

PHONE

Tel: 215-792-6676

EMAIL

[email protected]

Kehoe Law Firm, P.C. is informing Washington State residents that if you’ve received unsolicited text messages, you may be protected under Washington’s strict privacy laws. In fact, the state’s anti-spam law makes it illegal to send unsolicited commercial text messages if the message is sent:

• To a telephone number assigned to a Washington resident for a cellular telephone; and
• From a person conducting business in Washington state.

But it is not illegal if:

• The message is sent by the subscriber’s cellphone carrier, unless the subscriber has indicated he or she is not willing to receive further commercial text messages from the cellphone carrier; or
• The recipient has clearly and affirmatively consented in advance to receive the commercial electronic text messages from the sender.

Under Washington State’s anti-spam law, known as the Commercial Electronic Mail Act, a person who receives illegal, unsolicited commercial text messages may bring a civil action to enjoin further violations and seek up to $500 per violation, or actual damages, whichever is greater.

Source: Washington State, Office of the Attorney General & CEMA

Are You a Washington State Resident Who Has Received Illegal, Unsolicited Commercial “Spam” Text Messages?

If so, you may have legal claims and are encouraged to contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation legal evaluation.

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

PHONE

Tel: 215-792-6676

EMAIL

[email protected]

Kehoe Law Firm, P.C. reminds investors that the SEC has warned about fraudsters who often impersonate legitimate organizations or individuals to carry out scams. These wrongdoers may pose as government agencies, employees, or credible investment professionals such as brokers or investment advisers.

Such impersonators may be involved in advance fee scams, or they may use personal information to commit identity theft or misappropriate financial assets.

To learn more about these types of scams, including how to recognize and avoid them, please visit Impersonation Schemes. 

Source: Investor.gov

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

PHONE

Tel: 215-792-6676

EMAIL

[email protected]