Purism is seeking investment from individuals
1–10 of 74 posts
Re: Purism is seeking investment from individuals
#2They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
Re: Purism is seeking investment from individuals
#3They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
https://teddit.net/r/Purism/comments/om9za4/email_purism_inv...
My guess, though, is that they might be trying to fall under Rule 504 ... where the disclosure and verification rules are more lax. However you can't fall under Rule 504 if the offer is public ... and I think that having the offer on a publicly accessible website is a violation.
Re: Purism is seeking investment from individuals
#4They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
So can I get in trouble for investing anyway?
Re: Purism is seeking investment from individuals
#5They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
Many crowdfunding sites also have similar language, as most claims of accredited investor status do not actually require you to prove that status. If Joe Sixpack buys in, and made a false claim, that would be on him/her.
Some of the previous requirements around accreditor investor status have changed though
https://corpgov.law.harvard.edu/2020/09/18/sec-expands-defin...
Re: Purism is seeking investment from individuals
#6What the hell. You need to have assets exceeding 1M to invest $1000?
I don’t need that to buy any other stock, why would I need it here?
Hell, how does it even apply to people not living in the US in the first place.
Re: Purism is seeking investment from individuals
#7They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
Seems normal. I remember signing up for some crowdfunding site about 10 years back, and just checking a box to confirm my accredited status. (I didn't qualify as accredited back then.)
Re: Purism is seeking investment from individuals
#8They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?
Many crowdfunding sites also have similar language, as most claims of accredited investor status do not actually require you to prove that status. If Joe Sixpack buys in, and made a false claim, that would be on him/her. Some of the previous requirements around accreditor investor status have changed though https://corpgov.law.harvard.edu/2020/09/18/sec-expands-defin... https://www.sec.gov/news/press-release/2020-191
"If Joe Sixpack buys in, and made a false claim, that would be on him/her."
You would think that would be the way that it is, but is most assuredly is not.
Re: Purism is seeking investment from individuals
#9Why does it sound so much like a scam ?
Re: Purism is seeking investment from individuals
#10What the hell. You need to have assets exceeding 1M to invest $1000? I don’t need that to buy any other stock, why would I need it here? Hell, how does it even apply to people not living in the US in the first place.
Because they need you to sit back and go "damn what a bummer" when your investment nets you a $1000 loss, instead of it being something that would want you to sue.