Linqto: Platform Profile

> Current status: Linqto is in Chapter 11 proceedings and transactions on the platform are paused as of ROIStreet's September 4, 2026 fact check.

Historically, Linqto offered accredited investors access to private-company economics through SPV/series structures.

The platform marketed relatively low minimums and an all-in price that embedded Linqto's economics into the purchase price rather than showing traditional management fee and carry layers.

The current review is different.

The central question is no longer:

Is Linqto a convenient way to buy pre-IPO exposure?

The central question is:

What is Linqto's current legal and operating status, and what exactly did customers own?

That is the useful review in September 2026.

May fit better for

At present, the platform is not a normal candidate for a new investment because transactions are paused.

The page may be useful for:

• existing Linqto customers monitoring their positions;
• investors researching the platform's historical structure;
• readers following the Chapter 11 process;
• readers comparing direct private shares with SPV economic interests.

May fit less well for

• anyone seeking to make a new private-company purchase today;
• investors requiring active transaction execution;
• investors seeking stable, currently actionable pricing terms;
• investors wanting direct ownership of underlying private-company shares;
• investors unwilling to accept bankruptcy/restructuring uncertainty.

Chapter 11

Linqto's current homepage confirms the Chapter 11 filing.

SEC-filed Linqto Capital financial statements state that on July 7, 2025, the parent and three subsidiaries filed voluntary Chapter 11 proceedings in the Southern District of Texas.

Business operations are expected to continue during the case.

Chapter 11 does not mean Linqto has liquidated, and it does not mean customers have already lost all investment value. It also does not guarantee recovery. The outcome remains case-specific and investment-specific.

September 2026 federal criminal case

On September 2, 2026, the U.S. Attorney's Office for the Southern District of New York announced federal criminal charges against Linqto founder William Sarris.

The government alleges a fraud scheme involving Linqto's private-market pricing and customer transactions.

The DOJ states that:

• Sarris was charged with securities fraud, broker-dealer fraud, wire fraud, and conspiracy offenses;
• former Linqto executive Joseph Endoso pleaded guilty on August 27, 2026 to securities-fraud, broker-dealer-fraud, and related conspiracy counts and is cooperating;
• prosecutors allege that the scheme drew more than $450 million from more than 13,000 customers.

For Sarris:

The charges are allegations. He is presumed innocent unless and until proven guilty.

The allegations are not adjudicated findings against every Linqto entity or every historical transaction.

What customers historically owned

A standard Linqto customer did not simply own shares of the private company.

SEC-filed Linqto Capital financial statements describe the historical structure:

1. Linqto Liquidshares LLC purchased private-company shares, primarily in the secondary market;
2. Liquidshares purported to allocate an economic interest in those securities to a special-purpose series;
3. customers bought units in that series;
4. those units represented an indirect economic interest in the underlying private-company securities.

This is a critical distinction.

The current Linqto marketing phrase "buy directly from Linqto" does not mean the investor necessarily owns the underlying private-company shares directly.

Linqto Capital broker-dealer

Linqto Capital, LLC is the broker-dealer affiliate, FINRA CRD 314557, SEC number 8-70775, a FINRA member, with SIPC membership referenced in its Form CRS.

Its current posted Form CRS is dated October 2023.

The CRS describes private placements and SPV units for accredited and institutional investors.

The existence of a registered broker-dealer does not eliminate the separate bankruptcy, ownership, pricing, or issuer risks described in this review.

Minimum investment — the source conflict

Linqto's current marketing pages still display a $1,000 initial minimum reference.

Its posted October 2023 Form CRS states a typical SPV minimum of $10,000, which can vary or be waived.

These are not necessarily contradictory if they refer to different products or periods, but the current source set does not justify collapsing them into one universal number.

More importantly, transactions are paused, so there is no current actionable minimum and a new investor cannot currently transact at either figure.

Pricing and fees — historical/current-site description, not a current executable quote

Linqto's current "What We Offer" page describes an all-in pricing model based on a purchase premium embedded in the share cost, with no carry fee, profit fee or legal fee stated.

The posted 2023 Form CRS separately states that commissions/sales concessions can vary by private placement and describes no management, organizational/operating reimbursement, or carried-interest fees in the referenced brokerage structure.

Because:

• transactions are paused;
• the marketing page remains live;
• the Form CRS is dated 2023;
• the Chapter 11 process is ongoing,

these statements are not a current executable fee quote. No current transaction fee quote is available.

Historical liquidity

Private-company SPV units were not daily-liquid securities.

Historically, the investment depended on:

• an IPO;
• acquisition;
• another liquidity event;
• a permitted secondary transaction;
• redemption/distribution mechanics of the applicable series.

The current Chapter 11 adds another layer of uncertainty.

The current site does not override the current status

Several Linqto pages still describe the normal historical workflow:

• identity verification;
• accreditation;
• account funding;
• browsing companies;
• investing;
• portfolio tracking.

That content describes the platform model only. The current status banner is controlling: the homepage states that transactions are paused.

Regulatory and financial-statement issues

The SEC-filed Linqto Capital financial statements provide additional context.

They state that:

• Linqto Capital became a FINRA member in November 2022;
• during the 2023 financial-statement period it did not engage in the broker-dealer services it had been established to provide to Liquidshares;
• previously reported commission revenue was restated;
• the company was subject to a FINRA Enforcement investigation and potential involvement in a broader SEC investigation;
• the SEC requested documents relating to the ATS;
• the company stated it was cooperating.

These statements come from the broker-dealer's filed financial statements and are not final regulatory findings.

SIPC is not recovery insurance

Linqto Capital's Form CRS identifies it as a SIPC member.

SIPC does not guarantee:

• the value of underlying private-company securities;
• the value of SPV units;
• a Chapter 11 recovery;
• liquidity;
• protection against fraud losses outside SIPC's statutory brokerage-custody scope;
• return of invested capital.

"SIPC protected" is not shorthand for safety.

Assessment

Linqto cannot be reviewed in 2026 as though nothing changed.

The most important facts are:

1. the company is in Chapter 11;
2. platform transactions are paused;
3. historical customer exposure was generally indirect through series/SPV units rather than simple direct ownership of private-company shares;
4. federal prosecutors announced a major criminal case involving former executives on September 2, 2026.

That makes a standard "features and fees" review inadequate.

For an existing customer, the useful work is identifying:

• the specific series or vehicle owned;
• the underlying company;
• the applicable bankruptcy treatment;
• distribution/redemption rights;
• current case notices;
• any issuer liquidity events;
• what legal entity owes which obligation.

For a prospective new investor, the answer is simpler:

Linqto is not currently operating as a normal new-transaction platform because transactions are paused.