May 26, 2012
I believe that Title 2 of the JOBS ACT is important for small to mid size companies looking to raise capital without the costly expense of a full registration/filing. With that said, I fully support the removing of the ban for solicitation and advertising when raising capital. Also, I support that all investors should be accredited as defined under the Act of 1933.
My suggestion is that all investors who decide to subscribe to an offering whether a hedge fund, etc., should provide at their expense a letter from their CPA/attorney verifying that they are in fact an accredited investor (as defined in the Act). I do not recommend placing a great burden on the issuer to confirm the validity of the letter but the burden of proof should be placed on the investor.