Subject: File No. JOBS Act Title III
From: John Vogele

December 26, 2012

If a company is new and just starting out to raise capital they will not have audited financials, for someone to get audited financials takes time and when starting a new business you don't have a lot of time. Why throw another road block in their path, there are many ways to protect investors besides that. I don't think crowdfunding was created to provide this method to an established business they should have to go through the established proceedure.