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CF 3

The Entrepreneur Access to Capital Act (H.R 2930) is expected to go into law virtually unchanged. According to Douglas Slain, an experienced legal publisher who recently managed a team of lawyers who researched and summarized thousands of recent state securities enforcement proceedings, this Act should be more accurately styled

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Douglas Slain
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37 views

CF 3

The Entrepreneur Access to Capital Act (H.R 2930) is expected to go into law virtually unchanged. According to Douglas Slain, an experienced legal publisher who recently managed a team of lawyers who researched and summarized thousands of recent state securities enforcement proceedings, this Act should be more accurately styled

Uploaded by

Douglas Slain
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Crowdfundlng for Crlmlnals

San lranclsco CA november 11 2011


1he Lntrepreneur Access to Cap|ta| Act (P8 2930) ls expecLed Lo go lnLo law vlrLually
unchanged Accordlng Lo uouglas Slaln an experlenced legal publlsher who recenLly managed
a Leam of lawyers who researched and summarlzed Lhousands of recenL sLaLe securlLles
enforcemenL proceedlngs Lhls AcL should be more accuraLely sLyled
Slaln says LhaL AcL provldes a vlrLual LemplaLe for flnanclal fraud especlally on Lhe elderly and
oLher Amerlcans mosL vulnerable Lhe level of klnd of pernlclous onllne fraud Lhls AcL enables
and faclllLaLes
Slaln smlllngly noLes lL all began wlLh Lhe CommunlsLlnsplred noLlon of "crowd fundlng an
unusually naive lnLellecLual cornersLone of Lhe ottepteoeot Access to copltol Act" 1he AcL
sponsored by 8ep aLrlck McPenry (8nC) under Lhe sacredcow egls of [ob creaLlon wlll
"serve as a Je focto fullemploymenL acL for Lhose speclallzlng ln 8eg u securlLles vlolaLlons"
accordlng Lo Slaln 1he very ldea of crowdfundlng musL have securlLles fraudsLers glggllng ln
dellghL [usL walL unLll Lhe onllne Lhleves ln ukralne dlscover Lhls" he sald
SLaLe securlLles regulaLors hlsLorlcally Lhe only cops on Lhe Maln SLreeLsecurlLlesfraudbeaL"
(a dlfferenL beaL Lhan Lhe Wall SLreeLsecurlLlesfraudbeaL") have been Lold Lo sLay home
under P8 2930 wlLh Mr McPenry's assurances LhaL Lhe blll has very sLrong lnvesLor
proLecLlons for Lhe elderly" Slaln counLers forcefully LhaL Lhe blll has no approprlaLe lnvesLor
proLecLlons aL all 1he law wlll do exacLly Lhe opposlLe accordlng Lo Slaln foundlng publlsher of
8loe 5ky cbtoolcle and 5ecotltles ofotcemeot kepottet P8 2930 serves as a blue prlnL for
onllne Lhleves Lo prey on Lhe elderly vla onllne lnvesLor plaLform Lechnology endorsed by Lhe
uS Congress"
roLecLlng Lhose who are poor and mosL gulllble lacks Lhe pollLlcal cacheL of [ob creaLlon 1hls
ls Lrue even lf Lhe [obs geLLlng creaLed are largely Lhose of onllne scammers ls how Slaln says
Lhe Congress musL see lL
1he only meanlngful overslghL prevenLlng small lnvesLor securlLles fraud onllne and off llne
has always been Lhe sLaLe securlLles regulaLors worklng wlLh sLaLe crlmlnal enforcemenL
agencles" Slaln sald 1he reason LhaL every onllne fraudsLer has hldden under 8egulaLlon u
(secLlon 306 Lhe SecurlLles AcL of 1933) Lo geL away wlLh flnanclal fraud for Lhe lasL 20 years ls
LhaL Lhe SLC's 8eg u's noLlce flllngs" have guaranLeed no meanlngful overslghL by Lhe sLaLes'
securlLles regulaLors accordlng Lo Slaln


ln supporL of a wlldly llberal" blll run amuck 8ep McPenry's sLaff has Lold reporLers
asLonlshlngly LhaL SLC regulaLlons lmpede Lhe lower rlsk form of crowdfundlng" 1hls ls such a
demonsLrably lnaccuraLe sLaLemenL posslbly even made ln bad falLh LhaL lL deserves aLLenLlon
by AA8 and Lhe medla aL large
Contact dslaln[prlvaLeplacemenLadvlsorscom

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