The SEC has brought a closely watched enforcement action against former Linqto executives William Sarris and Joseph Endoso, alleging they misled thousands of retail investors who used Linqto’s platform to gain exposure to private, high-growth companies before IPO. According to SEC Litigation Release No. 26672, the agency claims the defendants made false or misleading statements about key aspects of the investment opportunity offered through the platform.

The case is notable because Linqto operated in a part of the market that has drawn intense attention from investors, startups, and regulators alike: retail-oriented access to private “unicorn” companies.