Linqto (in Chapter 11; transactions paused)

No. The homepage carries a Chapter 11 notice stating that transactions on the platform have paused. The parent and three subsidiaries filed Chapter 11 petitions in the Southern District of Texas on July 7, 2025, and a plan of reorganization was confirmed on February 6, 2026. The last Regulation D offering the company filed is dated January 28, 2025.

Redemptions were frozen in March 2025 after an internal review of historical regulatory compliance, and the parent filed for Chapter 11 in July 2025. A plan was confirmed on February 6, 2026 with more than 95 percent approval from voting creditors, giving customers a choice between a liquidating trust and a closed-end fund intended to be publicly listed, with VanEck selected to manage the fund and Forge Global as liquidating trustee. Separately, an indictment charging the founder with securities fraud and related offenses was unsealed on September 2, 2026; those charges are accusations and he is presumed innocent. The former second-in-command pled guilty on August 27, 2026 and is cooperating with the Government.

Units in a series of Linqto Liquidshares LLC, a Delaware limited liability company, which held an indirect economic interest in shares of one named private company. You did not own the shares themselves and your name was not on the company's register. The group's own broker-dealer describes the mechanic in its audited notes: Liquidshares "purported to allocate an economic interest in the Securities to a special purpose vehicle in the form of a series of Liquidshares".

The site publishes no number. Under a heading reading "All-In Pricing" it states: "Purchase Premium. We apply a premium to the share cost, which varies based on market conditions, risk factors, and operating costs", followed by "No Other Fees" and explicit disclaimers of carry, profit, legal and administrative fees. All 546 Form D filings report $0 of sales commissions and $0 of finders' fees, which is what a principal model looks like on a Form D: the compensation is inside the price rather than in a fee line. The indictment alleges a median markup of approximately 60 percent, with over a quarter of sales above approximately 80 percent and some above 200 percent. Those figures are allegations and have not been established.

AltStreet checked all 1,231 Form D filings and the highest investor count ever reported is 99; none reports 100 or more. Section 3(c)(1) of the Investment Company Act excludes from registration a fund with not more than 100 beneficial owners that does not publicly offer its securities, so a hundredth owner is not itself disqualifying, and Form D Item 14 reports investors in the offering rather than making any beneficial-owner determination. The indictment alleges that the vehicles were capped at 99 deliberately and that the related vehicles should have been counted together, which would have defeated the structure. That is the Government's allegation and it has not been proved. What the filings independently show is the ceiling itself, holding across 546 offerings without an exception, which is a structural signal rather than a legal conclusion either way.

The group owned one. Linqto Capital, LLC (CRD 314557) became a FINRA member on November 22, 2022 and is approved in 52 states and territories. Whether it was involved in the offerings is a different question from who filed the Form D, because an issuer files its own. The firm's audited FY2025 notes answer it directly: it "was not ever engaged to provide such services to Linqto Liquidshares LLC ... or any other parties, during the period covered by these financial statements", and its FY2023 accounts were restated to reverse the only commission revenue it had recorded. Liquidshares, the issuer on all 546 offerings, is not a registered broker-dealer. As of September 18, 2026 BrokerCheck records no disclosure events for the firm, though its own audited notes disclose an ongoing FINRA Enforcement investigation and an SEC document request.

That depends on what the estate's private-company positions realize, and on which election a customer made. The confirmed plan offers a liquidating trust interest or an interest in a closed-end fund intended to be publicly listed; published accounts describe a target of roughly 95 percent of fair market value, which is a target measured against a mark rather than a return of the amount paid. As of September 19, 2026 AltStreet did not locate a registration statement it could tie to the planned fund, so it could not read the fund's fees or the marks placed on those private shares from a public filing; a fund organized under an unrelated name would not have surfaced. Read the plan documents through the case's claims agent rather than relying on the website or on press coverage.

Four things, all public. First, the entity: identify the issuer on the Form D, find the group's broker-dealer in BrokerCheck, then read that firm's most recent X-17A-5 annual report, which is where it says what business it actually did and whether it met its net capital requirement. Second, the price basis: ask in writing what the platform paid for the underlying shares and on what date, and treat a description without a number as an undisclosed price. Third, the structure: read Item 6 and Item 14 of the Form D together to see what Investment Company Act exclusion is claimed and how the investor counts sit against 100, and check the amendment history rather than only the latest filing. Fourth, the outcomes: ask what realized exits, distributions or write-offs the platform has published, and treat silence as a finding.