SEC v. Backswing Ventures GP LLC; and Kyle James Asman, No. LR-26525, Middle District of Florida (Apr. 9, 2026) — Press Release
raw: Backswing Ventures GP LLC and Kyle James Asman
Backswing Ventures GP LLC and Kyle James Asman, No. 6:26-cv-00778 (Apr. 9, 2026)
Kyle James Asman and Backswing Ventures GP LLC were charged by the SEC for defrauding a private fund through excessive management fees and deceptive misrepresentations.
The SEC charged Kyle James Asman and Backswing Ventures GP LLC for allegedly paying themselves over $515,000 in excessive management fees, exceeding 23% of the fund's capital. The defendants are accused of misrepresenting fund investments, audit statuses, and professional credentials while failing to provide required financial statements. The litigation seeks relief for violations of the Investment Advisers Act of 1940 and Rule 206(4)-8.
The SEC filed charges against Kyle James Asman and his entity, Backswing Ventures GP LLC, for allegedly defrauding Backswing Ventures Fund I, LP and its investors. The defendants reportedly bypassed fund documents to pay themselves more than $515,000 in management fees, which accounted for over 23% of total capital contributions. Beyond excessive fees, the SEC alleges they misled investors by failing to provide required audited or unaudited financial statements. Asman also allegedly misrepresented fund subscriptions, investments, and his own professional credentials. The case was filed in the U.S. District Court for the Middle District of Florida. The defendants face charges for violating Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8.
Exhibits & Attached Documents (1)
Extracted insights
- $515K $515,000 $100K–$1M
- company backswing sinais gp llc
- company backswing ventures gp llc
- person kyle james asman
- agency Securities and Exchange Commission
- Securities and Exchange Commission filed charges against Kyle James Asman
- Securities and Exchange Commission filed charges against Backswing Ventures GP LLC
- Kyle James Asman defrauded private fund client
- Kyle James Asman verb investors and prospective investors
- Backswing Ventures GP LLC defrauded private fund client
- Kyle James Asman paid themselves in excess of $515,000 in management fees
- Backswing sinais GP LLC paid themselves in excess of $515,000 in management fees
- Kyle James Asman violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940
- Backswing Ventures GP LLC verb Sections 206(1), 206(4) of the Investment Advisers Act of 1940
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26525 / April 9, 2026Securities and Exchange Commission v. Backswing Ventures GP LLC, et al., No. 6:26-cv-00778 (M.D. Fla. filed Apr. 9, 2026)SEC Charges Florida Investment Adviser for Allegedly Defrauding Investors and a Private Fund ClientOn April 9, 2026, the Securities and Exchange Commission filed charges against Windermere, Florida, resident Kyle James Asman and an entity he controls—Backswing Ventures GP LLC—for allegedly defrauding a private fund client through payment of excessive management fees, and further defrauding investors and prospective investors in the fund through misrepresentations and other deceptive acts.According to the SEC’s complaint, Asman and Backswing Ventures GP, both investment advisers to their private fund client, Backswing Ventures Fund I, LP, paid themselves in excess of $515,000 in management fees—representing more than 23% of the capital contributions to the fund—in contravention of the fund documents. The complaint further alleges Asman and Backswing Ventures GP defrauded and deceived investors and prospective investors in the fund by (i) failing to engage an independent auditor and provide investors with required audited financial statements; (ii) failing to provide investors with unaudited financial statements of the fund at required intervals; and (iii) misrepresenting fund subscription information, fund investments, audit status, and Asman’s credentials.The SEC’s complaint, filed in the U.S. District Court for the Middle District of Florida, charges Asman and Backswing Ventures GP with violating Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder.The SEC’s investigation was conducted by Gary Zinkgraf and supervised by D. Mark Cave and Jeffrey Weiss, and the litigation will be led by Patrick Costello and supervised by Melissa Armstrong.The SEC's Office of Investor Education and Advocacy has issued investor alerts on the red flags of investment fraud. Additional information is available on Investor.gov.
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26525 / April 9, 2026Securities and Exchange Commission v. Backswing Ventures GP LLC, et al., No. 6:26-cv-00778 (M.D. Fla. filed Apr. 9, 2026)SEC Charges Florida Investment Adviser for Allegedly Defrauding Investors and a Private Fund ClientOn April 9, 2026, the Securities and Exchange Commission filed charges against Windermere, Florida, resident Kyle James Asman and an entity he controls—Backswing Ventures GP LLC—for allegedly defrauding a private fund client through payment of excessive management fees, and further defrauding investors and prospective investors in the fund through misrepresentations and other deceptive acts.According to the SEC’s complaint, Asman and Backswing Ventures GP, both investment advisers to their private fund client, Backswing Ventures Fund I, LP, paid themselves in excess of $515,000 in management fees—representing more than 23% of the capital contributions to the fund—in contravention of the fund documents. The complaint further alleges Asman and Backswing Ventures GP defrauded and deceived investors and prospective investors in the fund by (i) failing to engage an independent auditor and provide investors with required audited financial statements; (ii) failing to provide investors with unaudited financial statements of the fund at required intervals; and (iii) misrepresenting fund subscription information, fund investments, audit status, and Asman’s credentials.The SEC’s complaint, filed in the U.S. District Court for the Middle District of Florida, charges Asman and Backswing Ventures GP with violating Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder.The SEC’s investigation was conducted by Gary Zinkgraf and supervised by D. Mark Cave and Jeffrey Weiss, and the litigation will be led by Patrick Costello and supervised by Melissa Armstrong.The SEC's Office of Investor Education and Advocacy has issued investor alerts on the red flags of investment fraud. Additional information is available on Investor.gov.