Forge Securities: Sestante Capital Investors May Have Recovery Options

A recently published news release describes an investigation into allegations that broker-dealer firm Forge Securities (CRD# 134596) played a role in directing investors to a “federally indicted pre-IPO fraud orchestrated by Sestante Capital LLC.” Brokers who recommended investments in the alleged scheme, which involved “fabricated access to pre-IPO shares in Anduril Industries,” may be liable for damages to investors who experienced losses.

As the news release notes, in December 2025 the United States Attorney for the Southern District of New York announced charges against Giovanni Pennetta, Sestante Capital’s managing director. The charges include securities fraud, wire fraud, and aggravated identity theft. According to the Department of Justice, prosecutors allege that Mr. Pennetta orchestrated a scheme “to fraudulently induce multiple investment clients to part with millions of dollars in exchange for economic exposure to shares of non-public companies.” He allegedly promised investors “access to private, pre-IPO companies he did not control and never had access to.”

Most notably, he allegedly misrepresented to investors that he could provide access to shares in Anduril Industries. According to the charges, he “represented to victims that he had access to Anduril shares and offered to sell his victims economic exposure to those shares by having them purchase membership interests in particular series of NextGenTech.” However, prosecutors allege, he had no such access.

As the news release notes, Forge Securities representatives who recommended investments in Sestante Capital may have violated industry rules. For instance, the SEC’s Regulation Best Interest brokers to recommend only investments and strategies that are in their clients’ best interests. Both broker-dealer firms and their registered firms have what the regulation describes as a “Care Obligation,” under which they must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Meanwhile, FINRA Rule 2020 states that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Representatives who violate these rules may be found liable for damages in the event of losses.

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.