December 6, 2023

Seeking Victim Information in Late Stage Management, Prior2IPO, and Related Entities ("LSM") Investigation 

FBI's New York Field Office, Long Island Resident Agency, is seeking to identify potential victims of Late Stage Management, Prior2IPO, and related entities ("LSM").  

Raymond Pirrello, Jr, a principal and operator of Prior2IPO, is being charged with conspiracy securities fraud, conspiracy wire fraud, and securities fraud.

According to the indictment against Pirrello, beginning in at least 2016 and continuing through May 2022, LSM sold and promoted pre-IPO stock to investors. When purchasing pre-IPO stock from these entities it is alleged that it was not disclosed to investors that funds from their investments were diverted to pay these entities and individuals working at these entities. LSM claimed to investors that they are not compensated with any fees or payments upfront. LSM claimed that they would only take a 20 percent fee on the back end, which was paid in stock once the stock went public. It is alleged that investors were led to believe that the entire amount of their investment would be used for purchasing stock. Instead, investor funds were allegedly used to pay LSM’s business expenses, compensate LSM’s client managers and employees, and fund Pirrello’s lifestyle.  

If you and/or your minor dependent(s) were victimized by Pirrello or have information relevant to this investigation, please fill out this short form.

If you know of someone else who has possibly been victimized by Pirrello, please encourage them to complete the form themselves. 

The FBI is legally mandated to identify victims of federal crimes it investigates. Victims may be eligible for certain services, restitution, and rights under federal and/or state law. Your responses are voluntary but may be useful in the federal investigation and to identify you as a potential victim. Based on the responses provided, you may be contacted by the FBI and asked to provide additional information. All identities of victims will be kept confidential. 


Tips to Protect Yourself

  • If an unknown individual contacts you, do not provide them financial or personal information and do not send them money.
  • Treat any investment advice from people you meet online with extreme caution.
  • Be wary of investments, particularly cryptocurrency investments, that offer guaranteed returns or sound too good to be true.
  • If you believe you are a victim of a fraud, do not pay any additional “fees” or “taxes” to attempt to withdraw your money.
  • Do not pay for services that claim to be able to recover lost funds.
  • The FBI will not rely on third-party crypto-tracing reports or other information provided by these companies.

The FBI requests victims report these types of fraudulent or suspicious activities to the FBI Internet Crime Complaint Center (IC3) at

Additional Resources