The rules that qualify an individual as being accredited are not that stringent. Net worth of 1M or 2 years income of 200,000 and a reasonable chance of sustaining that income level.
The SEC proposed in '06 to raise those standards to reduce the number of eligible households that would qualify as accedited, but I dont think it went anywhere.
Any officer or director of the company selling shares is automatically considered accredited, which makes me wonder how many more shares management has availed themselves to?
Also, since fewer than 35 investors can participate in a PP it would seem to me that those people or institutions would be very close to the company.
When the share price gets to the level that will turn the heads of the fund managers is when the real fun will begin.
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