June 27, 2012
I have just finished reading "The JOBS Act: Opening Pandora's Box", by Ilan Moscovitz and John Maxfield, as published on the web site for Motley Fool. It is clear that unless the recommendations that they have made in their concluding letter to the Commission are followed, we will embark upon a grand new era of fraud. The result of this will, in fact, be less jobs and less availability of capital for start-up and emerging businesses. This will also result in the impoverishment of many unsuspecting investors, further damaging the social fabric and shoving new costs on to already-overburdened social support organizations.
It would seem that the only beneficiaries of the unregulated world envisioned by the bill's authors would be criminals and fast-buck, fast-talking salespeople. I suggest we stick with the admittedly stodgy, but prudent, method of making money, instead of empowering criminals and others not clever enough to make an honest living. To do anything less would be criminal in and of itself.
Please adopt the recommendations of the Motley Fool's letter to you. This should be the minimum to assure some degree of safety from fraud.