equity grant / cap table investigation — quick-start

checklist

1. pull the cap table export from Carta, Pulley, or the equity management platform — note the export timestamp; cap tables can be amended without audit trail if controls are weak.
2. compare the cap table grant register against the board consent minutes that authorized each grant — every grant must have a corresponding board resolution.
3. identify any grant with a strike price lower than the 409A valuation in effect at the grant date — backdating creates tax and securities law exposure.
4. pull the grant date and board approval date for each grant — if the grant date precedes the board approval, the grant date is incorrect.
5. check for option grants to non-employees or outside the equity plan's authorized pool — unauthorized grants are common in early-stage fraud.
6. export vesting schedule records for all grantees — note any accelerations or cliff waivers that were not documented in the grant agreement.
7. pull payroll records for any stock-based compensation expense recognition — compare against the option pool size and Black-Scholes inputs used.
8. identify any grant modifications, repricing events, or tender offers in the investigation period — each requires board approval and specific accounting treatment.
9. check whether any exercised options were reported to the IRS on Form 3921 — missing 3921s on ISO exercises is a compliance gap flag.
10. begin the primary tool path below — equity grant audit log analyzer.

primary tools

1. 01carta equity cap table export forensic analyzerdrop carta export · parse grant + vest + user · runs locally
2. 02shareworks equity admin audit log forensic analyzerdrop shareworks export · parse award + exercise + user · runs locally
3. 03equity unauthorized grant change detectordrop equity export · detect unauthorized grant changes · runs locally
4. 04equity 409a manipulation detectordrop equity export · detect 409a manipulation patterns · runs locally
5. 05equity vesting backdate detectordrop equity export · detect vesting backdate patterns · runs locally
6. 06cross equity payroll exercise correlatordrop equity + payroll exports · correlate exercise to payroll · runs locally
7. 07multi equity platform timeline correlatordrop 2+ equity exports · unified cap table timeline graph · runs locally
8. 08case report generatorfill in case number · examiner · dates · findings · drop evidence files for auto hash · generates structured forensic report PDF · runs locally

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