SEC charges two individuals with orchestrating fraud scheme that targeted veterans

WASHINGTON — The Securities and Exchange Commission charged two individuals on Sept. 30, 2026, with orchestrating a fraud scheme that raised more than $8.7 million from 35 investors through an investment fund targeting military veterans.

Strategic Context

According to the SEC's announcement, the regulatory action targets Christopher Kenji Dinelli and Jacob David “Kobe” Frankel. The two individuals allegedly operated a scheme through a vehicle identified as the Beyond fund, drawing capital from retail participants that included members of the veteran community.

Regulatory filings indicate that the offerings collected $8.7 million across dozens of individual accounts before drawing enforcement scrutiny. Enforcement actions of this scale typically involve coordination between federal regulators and securities investigators examining the solicitation practices and asset handling of private fund managers operating outside major institutional channels.

Forward Outlook

The civil enforcement action moves forward in federal court, where the SEC is seeking emergency relief, permanent injunctions, civil penalties, and the return of allegedly ill-gotten gains. Operators and allocators monitoring retail-facing private investment structures can review the full regulatory filing and enforcement details directly in the official release via the SEC Press Releases notice published on Sept. 30, 2026.