Pre-IPO Shares Investors Never Got: SEC Sues John LoPinto, Robert Wilkos and Laren Pisciotti Over $120 Million Scheme

Published Oct. 12, 2026. Case statuses are current as of that date, based on SEC records.

Investors were told there were no upfront fees and that the funds were registered with the SEC. According to the Securities and Exchange Commission, neither was true, and many investors never got the pre-IPO shares they paid for.

On Sept. 30, 2024, the SEC charged John LoPinto, Robert Wilkos and Laren Pisciotti over a scheme involving investments in pre-IPO private companies [1]. The SEC also charged six companies: the Pre IPO Marketplace Inc.; Keyport Venture Partners LLC; Keyport Venture Management LLC; and Keyport Venture Advisors LLC, which it says LoPinto and Wilkos jointly owned or controlled; and Principal Pre-IPO Consulting Group LLC and GlobalX VC LLC, which it says Pisciotti owned or controlled [1].

What the SEC alleges

According to the complaint, filed in the U.S. District Court for the Eastern District of New York [1][2]:

• The raise. From at least October 2019 until December 2022, the defendants raised about $120 million from more than 900 investors in the U.S. and abroad by selling interests in private funds that supposedly held pre-IPO shares.
• The fee lie. Investors were allegedly told there were no upfront fees, while the defendants paid themselves at least $16 million in commissions.
• Registration and holdings. The funds were allegedly described as SEC-registered when they weren't, and as owning pre-IPO shares they did not own.
• An alias. The SEC alleges LoPinto used an alias to hide his disciplinary history, which includes prior SEC and FINRA sanctions.
• Missing shares. Many investors never received the pre-IPO shares they were promised, according to the complaint.

"The defendants lied about the shares they owned and about fees they said they wouldn't charge, and in the end, they took millions of their investors' money for themselves," said Stacy L. Bogert, associate director of the SEC's Division of Enforcement [1].

Charges and status

The SEC charges the defendants with antifraud and other violations and seeks injunctions, disgorgement with interest, civil penalties, and industry and officer-and-director bars against the three individuals [1][3].

Wilkos agreed to settle and consented to injunctive relief, with the court to set additional remedies later [1]. LoPinto and Pisciotti had not settled as of the release. The release does not mention criminal charges. As of Oct. 12, 2026, we found no later SEC judgment on sec.gov for any defendant.

Pre-IPO pitches keep coming

The SEC said the pre-IPO space "remains a priority area" for its enforcement division [1]. Before buying, ask exactly how the fund holds the shares, what it paid and what you'll pay, and confirm any claimed SEC registration on EDGAR.

What an SEC civil case is (and isn't)

The SEC is a civil regulator. When it "charges" someone, it files a lawsuit in federal court or brings an administrative proceeding asking for remedies such as injunctions, repayment of allegedly ill-gotten gains (disgorgement), civil money penalties and industry bars. It cannot send anyone to prison. Criminal charges, when there are any, are brought separately by federal prosecutors, and a defendant in a criminal case is presumed innocent unless and until proven guilty.

Allegations in an SEC complaint are claims the agency must prove in court unless a defendant settles. When a defendant settles "without admitting or denying" the allegations, the court or the Commission enters an order, but the defendant has not conceded that the allegations are true. Throughout this article, statements about what happened are allegations or findings as described by the SEC, not established facts, unless we say a court entered a judgment or a defendant pleaded guilty.

Red flags in this case

• 'No upfront fees' on a private fund holding hard-to-price shares.
• Claims that a private fund is 'SEC-registered.'
• A salesperson whose name you can't find on BrokerCheck, possibly because it isn't their real name.

How to check an investment before you hand over money

• Look up the person and the firm on Investor.gov and FINRA BrokerCheck. A clean search is not proof of legitimacy, but a missing or mismatched record is a reason to stop.
• Read the offering documents yourself, and ask a fee-only professional you found independently to read them too.
• Be skeptical of "guaranteed" or fixed high returns. Real investments carry risk, and promises of safety plus high yield are a classic warning sign.
• Be wary of pressure. Deadlines, "limited allocations" and repeated calls are sales tactics, not investment analysis.
• Don't let trust in a group replace due diligence. Fraud often spreads through churches, ethnic and professional communities, online chat groups and friends-of-friends referrals.

If you think you were affected

1. Keep everything: account statements, emails, texts, wire and payment records, and any marketing material.
2. Report it to the SEC at sec.gov/tcr. If a criminal case is involved, you can also contact the FBI at ic3.gov or the prosecutors' victim-witness office.
3. Watch for a receiver or fair fund. In some SEC cases, money is later returned to harmed investors through a court-appointed receiver or a distribution fund. Notices are posted on sec.gov.
4. Beware of "recovery" offers. People who lost money are often targeted again by scammers promising to recover it for an upfront fee. Legitimate receivers and the SEC do not charge you to file a claim.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status as of Oct. 12, 2026	Source
John (John Michael) LoPinto	U.S. District Court, E.D.N.Y. (SEC civil)	Sued Sept. 30, 2024; no settlement or judgment found on sec.gov	[1], [3]
Robert Wilkos	U.S. District Court, E.D.N.Y. (SEC civil)	Agreed to settle; consented to injunctive relief, other remedies to be set by court	[1]
Laren Pisciotti	U.S. District Court, E.D.N.Y. (SEC civil)	Sued Sept. 30, 2024; no settlement or judgment found on sec.gov	[1], [3]
Pre IPO Marketplace Inc.; Keyport Venture Partners, Management and Advisors LLCs; Principal Pre-IPO Consulting Group LLC; GlobalX VC LLC	U.S. District Court, E.D.N.Y.	Sued Sept. 30, 2024; litigation pending	[1], [3]

Statuses can change. SEC allegations are claims, not findings of wrongdoing, unless a court has ruled.

Sources

1. SEC Press Release 2024-159, "SEC Charges Three Individuals in the New York Metropolitan Area for Perpetrating a $120 Million Pre-IPO Fraud Scheme," Sept. 30, 2024. https://www.sec.gov/newsroom/press-releases/2024-159
2. SEC complaint (E.D.N.Y.). https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-159.pdf
3. SEC Litigation Release No. 26149, Oct. 2, 2024. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26149

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