How would the SEC determine it wasn't "legit?" Put thousands of additional experts on their payroll? Would you trust the Federal Government to determine what is legit, especially with cutting edge tech?
And what should the SEC do if they don't think it's legit... shut down trading? Throw the CEO in jail? Fine the company (which is really just fining the shareholders)?
What is usually required is ample disclosure about the business and the officers. Lord, we all know what kind of guy Lorsch is! And we know more about Kira than most of us want to know!!! Not many secrets here. And we even know about his Smartalk failure. You can SMELL MMRF miles away!
I never put a cent of my money in MMRF. Neither did 99.9% of investors or about 100% of investment professionals.
The existing system works decently unless you want to raise the SEC's budget by a factor of 10! What can we do about the sliver of investors who miss all the blazing red flags... and continue to hold for years.
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Because the Good Life is Just a Pump or Two Away
