Netcirq: SEC probe into pre-IPO trading adds new chapter, as tech roars

SAN FRANCISCO-The Securities and Exchange Commission has launched a probe into the trading of pre-IPO shares, and has focused on an unregistered brokerage firm, NetCirq LLC, as its first target, the Wall Street Journal reports. "The filing, in a San Francisco federal court, says the SEC broadly is investigating whether trading of pre-IPO shares could violate securities laws under the Dodd-Frank Act because some of the transactions could be considered 'swaps,' or agreements whose value is tied...