Discussion in 'Professional Trading' started by crgarcia, Dec 15, 2008.
It is the burden of the fund being invested in to verify you meet the requirements.
According to my attorney, it is the responsability of the investor to be honest. I did some investing requiring accredited investors, and he said that as long as they filled out the forms he prepared explaining how they qualify as an accredited investor, I do not have any requirement to verify their statements. They fill out the paperwork, and I can consider them to be accredited investors if they say they are. I hope he is correct - I paid him quite a bit, and trusted in his advice.
If he doesn't have a securities license, he probably can't answer this.
Set amount is either $2 million of assets, or $1 million assets with $1 million of income in their last year. If you qualify, then, kudos, but otherwise I kind of doubt it.
And neither can you, as you are wrong and wrong.
The correct answer is right on the SEC's website.
"The federal securities laws define the term accredited investor in Rule 501 of Regulation D as:
a natural person who has individual net worth, or joint net worth with the personâs spouse, that exceeds $1 million at the time of the purchase;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;"
what is it about ET that attracts morons who talk out their ass. what exactly motivated you to give an incorrect answer? fucking dolt.
yeah, right... burden of the fund to hire a private investigator to hack into the prospective client's bank and brokerage accounts to confirm what they said on their agreement is correct. what a tard, you are.
the correct answer: it's up to the RIA to solicit the information and, if he's got a brain, get it signed by the client (and with a statement above signature stating that client is attesting that info provided is true and correct). beyond that, it's up to the client to TELL THE FUCKING TRUTH.
note: was an RIA for 13 years with only accredited investors as clients.
Must have changed. It's been a few years.
Its interesting, the middle class was shutdown of hedge funds which lost less money than most other asset classes/vehicles. I guess its the SEC working to 'protect' investors again
Thank you for making my point. It is the responsibility (burden) of the fund, ria, tic sponsor etc. to solicit the information, or verify, that the investor meets the requirements. I stated nothing about hiring an investigator, you did. Thanks again for your reply, have a nice day.
Btw, which do you lack more, intelligence or class?
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