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0 pointsmikeyouse8y ago0 comments

That's why these rules exist in the first place.. People like "The Jackal of Wall St.":

http://www.thedailybeast.com/articles/2015/10/31/the-best-co...

Or the boiler rooms & microcap fraud in the 1980s/1990s:

https://en.wikipedia.org/wiki/Microcap_stock_fraud

And yep, it was still happening even before the accredited investor criteria was relaxed;

https://www.justice.gov/usao-sdfl/pr/five-defendants-charged...

0 comments

sanswork8y ago

Which of those left accredited investors poor and not just down?

mikeyouseOP8y ago

All of them? Boiler rooms and stock frauds don't settle for a little bit of money, when they find someone to swindle, they take all of their money. It got so bad during the Great Depression that people actually hung bankruptcy judges.. Google "stock market fraud life savings" and you can find a litany of people who lost everything to these scams.

sanswork8y ago

Do you have any actual examples? I googled your suggested term and found a bunch of people outside the US(lots in China a few in the UK, one in Canada) and a bunch of others who wouldn't qualify as accredited investors.

The great depression started before the SEC existed and was a completely different world.

Back to my original question I asked if it was easy to find examples. I have no doubt that you can find a few since fraud happens. But I think you'll find it difficult to find more than a handful.

infinite8s8y ago

The creation of the SEC was a response to the stock market crash that let to the Great Depression.

j / k navigate · click thread line to collapse

0 pointsmikeyouse8y ago0 comments

That's why these rules exist in the first place.. People like "The Jackal of Wall St.":

http://www.thedailybeast.com/articles/2015/10/31/the-best-co...

Or the boiler rooms & microcap fraud in the 1980s/1990s:

https://en.wikipedia.org/wiki/Microcap_stock_fraud

And yep, it was still happening even before the accredited investor criteria was relaxed;

https://www.justice.gov/usao-sdfl/pr/five-defendants-charged...

0 comments

sanswork8y ago

Which of those left accredited investors poor and not just down?

mikeyouseOP8y ago

sanswork8y ago

The great depression started before the SEC existed and was a completely different world.

Back to my original question I asked if it was easy to find examples. I have no doubt that you can find a few since fraud happens. But I think you'll find it difficult to find more than a handful.

infinite8s8y ago

The creation of the SEC was a response to the stock market crash that let to the Great Depression.

j / k navigate · click thread line to collapse