It used to be where a company could send suitability forms to investors for accredited status. An issuer could rely upon a dishwasher or clerk to check a box that the investor is accredited. Now, the SEC has changed rules where the issuer is to vet the status by verifying, such as a copy of tax returns or a statement by a CPA (which no CPA will risk his or her license and disciplinary actions, censure, and fines for some clerk to buy stock in a prospectus). How many accredited investors with more than $1 million in liquidity, not including his/her home is going to provide private, confidential financial information to a stinky pinky stoner pot company? Can you imagine where all their personal information is going to end up. Every stock promoter will have social security numbers, tax returns, DL numbers, addresses, assets, account numbers. Yeah, thats the ticket.
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