Sestante Capital LLC: What Investors Need to Know After the Federal Indictment and Guilty Plea

What Was Sestante Capital LLC?

Sestante Capital LLC was a Manhattan-based investment advisory and private equity firm. Its managing member, Giovanni Pennetta, also controlled a private fund called NextGenTech Investments LLC. A vehicle that purportedly offered investors “economic exposure” to equity securities in private, pre-IPO technology companies. On paper, Sestante Capital presented itself as a sophisticated gateway into the private markets. In reality, federal prosecutors allege the entire operation was built on lies.

What Happened to Sestante Capital?

On December 15, 2025, the U.S. Attorney’s Office for the Southern District of New York unsealed a federal indictment against Giovanni Pennetta, charging him with securities fraud, wire fraud, and aggravated identity theft. Pennetta was arrested at JFK International Airport and presented before U.S. Magistrate Judge Gary Stein.

According to U.S. Attorney Jay Clayton: “As alleged, Giovanni Pennetta took advantage of investors by promising access to private, pre-IPO companies he did not control and never had access to. American investors deserve honesty in all markets, including the private investment markets.”

How the Scheme Worked

The scheme ran from approximately 2019 through late 2025, more than six years. Pennetta’s pitch centered on one of the most coveted private companies in the world: Anduril Industries, Inc., a defense technology firm valued at approximately $30 billion. He told investors he had access to Anduril shares through personal connections and invited them to purchase membership interests in NextGenTech fund series in exchange for “economic exposure” to those shares.

To support the deception, Pennetta allegedly provided investors with falsified documents purporting to show his access to Anduril shares. Every word of it was fabricated. Pennetta did not have access to Anduril shares. Investors who transferred money received nothing in return, funds went directly into Pennetta’s personal bank account. Notably, Anduril Industries has publicly stated that any offer to invest in the company not sourced through official channels is “very likely a scam.”

The Guilty Plea and Upcoming Sentencing

Giovanni Pennetta subsequently pleaded guilty to wire fraud, which carries a maximum prison sentence of 20 years. Sentencing is scheduled for June 9, 2026, before U.S. District Judge Jed S. Rakoff. The court is expected to order criminal restitution to compensate victims.

However, investors should understand a hard truth: collecting criminal restitution is notoriously difficult. By the time a court orders repayment, misappropriated funds are often already spent or hidden. Relying solely on the criminal process to recover your money is an uncertain path. There is a stronger route available, and the clock is ticking.

The Forge Global Connection: Why Brokerage Firms May Also Be Liable

This is where the story becomes more significant for many investors. Sestante Capital did not operate in isolation. Investors may have been introduced to Sestante Capital and NextGenTech through registered brokers at Forge Securities LLC, a FINRA-registered broker-dealer and subsidiary of Forge Global Holdings, Inc., which operates one of the largest private securities marketplaces in the United States.

When a registered broker recommends or facilitates an investment, they carry specific, non-negotiable legal obligations:

• Duty of Due Diligence: FINRA requires broker-dealers to conduct a reasonable investigation of any security they recommend. For complex, illiquid private securities such as what NextGenTech offered, that duty is heightened.s
• Suitability (FINRA Rule 2111): A broker must verify that a recommendation is appropriate for the client. Recommending a private fund without confirming it actually holds the assets it claims to hold fails this standard.
• Failure to Supervise (FINRA Rules 3110 & 3120): Brokerage firms must maintain systems to detect and prevent violations. If Forge brokers recommended Sestante investments without adequate oversight, Forge Securities itself may bear liability.

If a Forge broker connected you to Sestante Capital or NextGenTech and charged fees or commissions to do so, that firm may be legally responsible for your losses, regardless of what happens to Pennetta in the criminal courts. Our failure to supervise attorneys at are actively investigating these claims.

Pre-IPO Fraud Is an Accelerating Crisis

The Sestante Capital scheme is not an isolated event. As elite private companies like Anduril, SpaceX, and OpenAI delay their IPOs and grow to extraordinary valuations, investor demand for pre-IPO access has surged, and fraudsters are exploiting that demand with polished presentations, fabricated documents, and claims of “exclusive” relationships they do not have. In September 2024 alone, the SEC charged three individuals for running a $120 million pre-IPO scheme that defrauded more than 900 investors.

What sets this case apart is the role of a FINRA-registered broker-dealer in the chain. Investors introduced to Sestante through a Forge broker had every reason to believe they were operating within a vetted, regulated system. When that due diligence never happens, investors have legal claims that go far beyond the individual fraudster.

Do You Have a Claim?

Meyer Wilson Werning is actively investigating claims arising from the Sestante Capital and NextGenTech fraud. Since Sestante Capital shut down following Pennetta’s arrest, many investors have had no communication from the firm and no clarity on where their money went. You may have a claim if:

• You were introduced to Sestante Capital LLC or NextGenTech Investments by any broker or brokerage firm
• You paid fees or commissions to a Forge-affiliated broker in connection with these investments
• You were promised exposure to pre-IPO shares in companies like Anduril, SpaceX, or other private technology companies
• You received falsified documents claiming to show access to private company shares
• You suffered financial losses as a result

We believe many additional victims do not yet know they have legal options.

Why Time Matters

Arbitration claims are subject to strict eligibility deadlines. Waiting for the outcome of the June 2026 sentencing before exploring your civil recovery options is not advisable. The civil claims process runs on its own timeline, independent of the criminal case. The sooner you act, the more options you have.

Meyer Wilson Werning has recovered more than $350 million for investors since 1999. Every case is handled on a pure contingency fee, you pay nothing unless we recover money for you. Contact us today for a free and confidential consultation.

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