Regulators recently unsealed a federal indictment detailing a multi-million dollar NextGenTech Investments fraud scheme orchestrated through a Manhattan-based investment adviser. According to the Department of Justice, investors who believed they were purchasing exclusive pre-IPO shares are facing potential losses of millions of dollars after discovering the fund series held zero actual assets.
If you invested in the NextGenTech fund series and lost money, you may have legal options that don’t require waiting for the criminal case to resolve. The attorneys at Meyer Wilson Werning have experience in fraudulent pre-IPO investments and are reviewing investor claims now. Contact us today for a free and confidential consultation, and you pay nothing unless we recover for you.
What Were the Allegations Against the NextGenTech Fund Series?
Many investors who suffered losses in this scheme are deeply familiar with the name NextGenTech Investments LLC, but they may be entirely unaware of the individuals and management firms operating behind the scenes. According to federal authorities, the private fund was managed by Sestante Capital LLC (CRD 314470), a New York investment adviser run by Giovanni Pennetta.
Starting in 2019, Pennetta allegedly promoted the NextGenTech fund series as a rare opportunity for investors to gain economic exposure to exclusive, non-public companies. The marketing heavily targeted the allure of early access to tech sector growth.
Federal investigators have identified several severe red flags regarding the NextGenTech pre-IPO scam:
- Fabricated Access: Investors were pitched pre-IPO shares in prominent private firms, most notably the defense technology company Anduril Industries, Inc.
- Zero Actual Assets: The specialized membership interests that victims purchased held no underlying equity; the fund completely lacked access to the promised shares.
- Falsified Documents: Victims were allegedly shown forged paperwork to make the investment appear legitimate and to confirm non-existent equity positions.
- Misappropriation of Funds: Instead of executing the agreed-upon investment strategy, millions of dollars in investor capital were allegedly diverted to Pennetta’s personal bank accounts.
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$350 Million for Our Clients Nationwide.
How Was NextGenTech Investments LLC Structured?
The structure of the investment was complex by design, which often makes it difficult for victims to see the underlying risks. Rather than purchasing direct shares in a company, clients were sold “membership interests” in specific series under the NextGenTech umbrella.
Investors believed their money was segregated into a distinct NextGenTech Sestante Capital series built strictly to acquire shares of a single target company like Anduril Industries, Inc. Because the underlying assets were never purchased, the entire series was effectively an empty shell designed to collect capital.
Important Points regarding the current legal actions:
- The DOJ has formally charged the manager with securities fraud and wire fraud, which each carry a maximum sentence of 20 years in prison.
- He faces a mandatory consecutive sentence of two years for aggravated identity theft.
- The FBI arrested the manager at John F. Kennedy International Airport on December 15, 2025.
How Meyer Wilson Werning Helps NextGenTech Investors
Investors in the NextGenTech fund series were shown polished documents, told they were gaining access to Anduril Industries shares, and handed receipts for positions that never existed. The fund held zero assets. The money went to Pennetta’s personal bank accounts. The criminal case is moving forward, but for the investors who lost real savings, a separate civil recovery path may still be available.
For over 25 years, Meyer Wilson Werning has recovered more than $350 million for investors betrayed by advisors who abused their trust. If you invested in NextGenTech or any related Sestante Capital offering, contact us today for a free and confidential consultation. You pay nothing unless we recover for you.
Our lawyers are nationwide leaders in investment fraud cases.
Frequently Asked Questions:
What was the NextGenTech fund series?
The NextGenTech fund series was marketed as a private investment vehicle offering economic exposure to pre-IPO shares of high-profile private companies. In reality, federal authorities allege that the series held zero actual assets and functioned as a deceptive vehicle to misappropriate investor capital.
How are NextGenTech and Sestante Capital connected?
Sestante Capital LLC acted as the managing member and investment adviser to NextGenTech Investments LLC. The manager of both entities is accused of orchestrating the NextGenTech pre-IPO scam by leveraging the firm’s structure to solicit and redirect client funds.
Can investors recover money lost in a pre-IPO scam?
Victims of fraudulent private placements may pursue civil recovery through arbitration or litigation. A securities attorney can review the specific circumstances of the investment, trace the flow of funds, and build a case against the responsible parties who breached their legal duties.
Recovering Losses Caused by Investment Misconduct.