Are these not the same thing?
Gregory Gray just didn’t buy enough of them, according to the Feds. Or wasn't specific enough about which pre-IPO shares he was buying. And used stolen money to make up the difference.
The SEC claims Mr. Gray raised nearly $5.3 million for a Twitter-focused fund, which the SEC said was enough to buy 230,000 pre-IPO shares under the terms of the fund’s offering documents.
The SEC alleges that only 80,000 pre-IPO shares were purchased, and says Mr. Gray used unrelated funds to make up the shortfall. The agency alleges that the majority of the money came from an investor who believed he was investing in $5 million of Uber stock.