US Investment Manager Arrested Over Anduril Pre-IPO Fraud

Post by : Saif Nasser

A New York investment manager has been arrested for allegedly scamming investors in a pre-IPO scheme linked to U.S. drone maker Anduril Industries. Giovanni Pennetta, manager of Sestante Capital, was taken into custody at JFK Airport on Sunday and faces charges of securities fraud, wire fraud, and aggravated identity theft.

Authorities say Pennetta falsely promised clients access to non-public shares of Anduril, collecting millions of dollars despite having no actual access to the company’s stock. Investors were reportedly misled with offers of “economic exposure” to Anduril shares, which were entirely fake.

Pennetta’s attorney declined to comment. Anduril, which develops drones and military AI software for the U.S. Department of Defense and was valued at $30 billion in a June funding round, also declined comment but warned that any investment offers not issued directly by the company are likely scams.

The case highlights growing risks in private tech investments. Anduril founder Palmer Luckey recently accused crypto firm AlphaTON of defrauding investors after it announced a $30 million investment in Anduril, which was later canceled. AlphaTON and its CEO did not respond to requests for comment.

Experts note that private tech companies like Anduril, SpaceX, and OpenAI are especially vulnerable to fraud because they remain private for longer, limiting public scrutiny and transparency. Investors are often targeted with polished presentations, fake documents, and promises of exclusive access.

Daniel Taylor, director of the Wharton Forensic Analytics Lab at the University of Pennsylvania, said, “Private companies are less open to public oversight, making fraud and manipulation more common in this space.”

This incident is part of a larger pattern. In September 2024, the Securities and Exchange Commission charged three people for a pre-IPO fraud scheme that raised $120 million from hundreds of investors. In a separate February case, three sales executives were arrested in New York over a similar scheme.

The arrest of Pennetta is a reminder for investors to exercise caution, verify opportunities, and avoid deals not directly confirmed by the companies involved. Authorities continue to investigate and urge vigilance in the growing private tech sector.