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Investor education & protection

Pre-IPO Investment Scams: Protect Your Money & Understand Your Rights

The chance to own a piece of SpaceX, OpenAI, or the next big IPO before it goes public is one of the most powerful pitches in investing, and one of the most abused. Since late 2023, the SEC has charged sellers in pre-IPO schemes that together raised more than $1.3 billion from retail investors, many of them retirees reached by cold calls.

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What PreIPOScam.com does

PreIPOScam.com is an independent investor-education resource. We explain how pre-IPO scams work, summarize the enforcement record from primary sources, show you how to verify a broker and a fund, and explain your options if something went wrong.

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Key facts (as of October 20, 2026)

  • Recent SEC pre-IPO cases allege undisclosed markups averaging about 46% (2026), roughly 19%–105% on average (2024), and up to 150% (2023).
  • A false "no upfront fees" claim is alleged in at least three of the seven SEC cases we track.
  • Most pre-IPO investments sold to individuals are interests in an SPV or fund, not shares of the company itself.
  • A Form D filing is a notice, not SEC approval. The SEC does not review private offerings.
  • Reporting fraud to a regulator is not the same as filing a claim to recover money.

Think you've been a victim?

How to file a pre-IPO fraud claim

A five-step guide, plus a free, confidential claim review with an independent securities attorney.

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The enforcement record

Seven SEC pre-IPO cases, 2023–2026

From Prior 2 IPO (2023) to the former Linqto executives (October 2026), the SEC alleges hidden markups, false "no upfront fees" claims, phantom ownership and unregistered sales forces. Allegations are not findings of wrongdoing; we label each case's status.

Read the case summaries

Think you were a victim of a pre-IPO scam?

Request a free, confidential claim review. If your situation fits, an independent securities attorney may contact you to discuss your options.

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PreIPOScam.com is not a law firm and is not affiliated with the SEC or FINRA. Attorney advertising.