US Charges Former Linqto CEOs Over Alleged $450m Pre-IPO Fraud.
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US prosecutors charge former Linqto CEOs William Sarris and Joseph Endoso in a $450 million pre-IPO investment fraud scheme. U.S. federal prosecutors have indicted William Sarris, founder and former CEO of investment platform Linqto, alongside his successor Joseph Endoso who has already pleaded guilty and is cooperating with authorities over an alleged $450 million pre-IPO fraud scheme spanning from 2020 to 2025. Sarris faces six criminal counts, including securities fraud, broker-dealer fraud, wire fraud, and conspiracy, for allegedly misleading over 13,000 retail investors. Investigators claim the executives artificially inflated pre-IPO share prices for high-profile private entities such as Anthropic, Ripple, and SpaceX by fabricating scarcity and applying secret markups exceeding 200%. The widespread fallout led Linqto to file for Chapter 11 bankruptcy in July 2025 and suspend all operations, while Sarris has maintained his denial of the charges as legal proceedings unfold.
US federal prosecutors have charged two former chief executives of investment platform Linqto over an alleged $450 million fraud scheme targeting thousands of investors seeking access to shares in private companies before their initial public offerings (IPOs).
Linqto founder and former CEO William Sarris faces six criminal counts, including securities fraud, broker-dealer fraud, wire fraud and conspiracy. His successor, Joseph Endoso, has pleaded guilty to related charges and is cooperating with prosecutors.
Prosecutors allege that between 2020 and 2025, Sarris manipulated the prices of pre-IPO shares by creating artificial scarcity and applying markups that in some cases exceeded 200%. The companies involved included private firms such as Anthropic, Ripple and SpaceX.
The alleged scheme attracted more than 13,000 investors, with prosecutors saying customers were misled about how Linqto determined the prices of private-company shares. Investors did not directly purchase the underlying shares from the companies.
Linqto filed for Chapter 11 bankruptcy in July 2025 and subsequently suspended operations. Sarris has denied the allegations, while Endoso has agreed to cooperate with authorities.
