The SEC is accusing a Florida fund manager of pocketing seven times his allowed fees and misrepresenting investment holdings to mislead investors.

In a complaint filed in the Middle District of Florida on April 9, 2026, the Securities and Exchange Commission alleges that Kyle James Asman and his firm, Backswing Ventures GP LLC, ran a years-long fraud against a private fund and its limited partners (SEC v. Backswing Ventures GP LLC et al., Case No. 6:26-cv-00778).

The alleged scheme ran from no later than February 2020 through at least April 2023 and centered on Backswing Ventures LP, also known as Backswing Ventures Fund I, LP, a Delaware limited partnership Asman formed to invest in early-stage companies across defense, commercial real estate, technology, data, and healthcare.

Neither Asman nor his firm has ever been registered with the SEC as an investment adviser.

According to the SEC, Asman extracted more than $515,000 in management fees during the fund's first year — more than 23% of total capital contributions. Under the fund's own offering documents, the proper fee for that period ranged between roughly $33,800 and $70,103, depending on which calculation method applied. That means Asman allegedly took about seven times what he was entitled to under those documents.

The SEC says a fund administrator flagged the overcharge in a March 30, 2021 email and told Asman the fund's financial statements would be adjusted to show a $70,103 management fee, with the remaining...

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