IRL Investors Unwittingly Paid for Founder’s Wedding, SEC Says

Get Together Inc.'s co-founder and then-CEO solicited $170 million in investments for the social media company while misrepresenting its advertising costs and using its credit cards for personal expenses, including his wedding, the SEC alleges.

Abraham Shafi took several steps to disguise the true cost of attracting users to the event-focused social media platform, which he described as undergoing organic, viral growth, the Securities and Exchange Commission says. Shafi failed to disclose that the company—also known as In Real Life or IRL—relied on “incentive” advertisements, according to the complaint, filed Wednesday in the US District Court for the Northern District ...