The most active secondary markets I see today are the broker dealer successors to Frank Mazzola/Felix Advisor type outfits who use company approved (or tolerate

The most active secondary markets I see today are the broker dealer successors to Frank Mazzola/Felix Advisor type outfits who use company approved (or tolerated) LLCs to vacuum up stock from ex employees who want liquidity. You have to find them or be referred to them and then they will periodically pitch you inventory as it becomes available. Chris Sacca is doing the same thing but it looks like a venture fund and (as far as I know) he holds to IPO, where on the east coast it looks like a private equity fund and they will allow intra-fund exchanges between old and new investors. Very little transparency in this market and probably the perfect breeding ground for the next Bernie Madoff style Ponzi scheme (not Frank or Chris who are both legitimate).