YEP! Private investor bragging about and even apparently encouraging others to sign up to chime in plus Paulsons filing never bothering to check the Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors box looks pretty cut and dried to me.
Law says-
(A) In regard to whether the purchaser is an accredited investor on the basis of income, reviewing any Internal Revenue Service form that reports the purchaser's income for the two most recent years (including, but not limited to, Form W-2, Form 1099, Schedule K-1 to Form 1065, and Form 1040) and obtaining a written representation from the purchaser that he or she has a reasonable expectation of reaching the income level necessary to qualify as an accredited investor during the current year;
(B) In regard to whether the purchaser is an accredited investor on the basis of net worth, reviewing one or more of the following types of documentation dated within the prior three months and obtaining a written representation from the purchaser that all liabilities necessary to make a determination of net worth have been disclosed:
(1) With respect to assets: Bank statements, brokerage statements and other statements of securities holdings, certificates of deposit, tax assessments, and appraisal reports issued by independent third parties;
Investor said---
1. They do not validate your assets....you just have to say that you are worth over $1 million...
2. Note that Paulson does NOT require any 'proof' that you're accredited
3. You need to 'represent yourself' as an accredited investor to participate in a Private Placement deal with Paulson.
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