Subject: File Number S7-21-11

June 13, 2011


As you decide the issue of whether bad actors (including prior bad acts) should be allowed to use the Reg D exemption, let me just state the obvious;

1. Getting caught by the SEC for a securities violation does not happen every time a violation occurs. In what I have witnessed, that getting caught by the SEC is a very rare occurrence.

2. If someone has cheated or committed fraud in the sale of a securities in the past, they are more than likely going to do it again in the future.

Therefore, why would we give those convicted of ANY securities violation or felony the PRIVILEGE of the exemption under Regulation D. I personally was sold over 15 Reg D offerings of which 10+ have turned out to include "bad actors" and have either been deemed ponzi schemes or just closed doors and took off with the money, or just don't pay as required in the PPM. Regardless, I have lost 95% of all my retirement monies and I directly correlate it with "bad actors".

If your goal is to protect investors, then "bad actors" including those with past bad acts MUST NOT BE GIVEN THE PRIVILEGE OF SECURITIES EXEMPTIONS.

Thank You,

An Investor the SEC failed to Protect