A Silicon Valley VC firm is reportedly collapsing after its founder went overboard with frivolous spending

A Silicon Valley venture capitalist spent so much money, his firm is reportedly falling apart at the seams and may be under investigation by the SEC.

Sarah Buhr and Connie Loizos at TechCrunch report that several top execs at the firm have left in recent days, citing founder Mike Rothenberg's excessive spending. One person told TechCrunch that the SEC is looking at the firm after an employee alerted the agency to possible wire fraud and breach of fiduciary duty.

TechCrunch detailed Rothernberg's outlandish expenditures, including but not limited to:

• Tickets to the Golden Globes.
• A birthday party for actor Chace Crawford.
• Executive producing a video for Coldplay.
• A suite at the Super Bowl.
• A $2,000-a-month membership with a private jet service.

For some perspective: TechCrunch did some calculations based on the amount the firm has under management, and Rothenberg likely has less than $940,000 to fund the entire operation. According to a quick Google search, a suite at the Super Bowl alone costs about $400,000.

Business Insider tried to reach out to Rothenberg, but the firm's web site is down and the company could not immediately be reached.

Read more over at TechCrunch-->.

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