Yes, it is sad. Because we know that some of these companies must be legitimate, or else we'd never have growth.
But its like trying to find a Needle in a Barbed Wire Hay Stack.
And its simply not worth the risk involved.
Most times, the DD is very minimal and sketchy anyways. They lie, they cheat, they steal, they simply make stuff up and put it in a PR, knowing full well that the SEC won't do a damn thing.
Its pathetic!!!