Backswing Ventures GP LLC and Kyle James Asman

Opened at stage filed

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26525 / April 9, 2026 Securities 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 Client On 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. Resources <ul class="field