The best argument for the accredited investor rule is that, in the absence of it, promoters will manufacture companies which are difficult to cost-effectively distinguish from actual businesses but which functionally are not and use them to pick middle class' pockets.
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If you had asked me in 2008 whether law firms would rent out their letterheads to bless investment scams at scale I would have said "Oh goodness no; that's the entire point of law being a profession."
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good point. i wrote a short oped in the WSJ last year. an early draft & the one I preferred said towards the end: "... the retail public wants seductive narratives and fantastial returns. The supply of fraud will therefore grow to meet that demand." h/t
@codedlogic for wording - 1 more reply
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