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by mikeyouse 3311 days ago
That's why these rules exist in the first place.. People like "The Jackal of Wall St.":

http://www.thedailybeast.com/articles/2015/10/31/the-best-co...

Or the boiler rooms & microcap fraud in the 1980s/1990s:

https://en.wikipedia.org/wiki/Microcap_stock_fraud

And yep, it was still happening even before the accredited investor criteria was relaxed;

https://www.justice.gov/usao-sdfl/pr/five-defendants-charged...

1 comments

Which of those left accredited investors poor and not just down?
All of them? Boiler rooms and stock frauds don't settle for a little bit of money, when they find someone to swindle, they take all of their money. It got so bad during the Great Depression that people actually hung bankruptcy judges.. Google "stock market fraud life savings" and you can find a litany of people who lost everything to these scams.
Do you have any actual examples? I googled your suggested term and found a bunch of people outside the US(lots in China a few in the UK, one in Canada) and a bunch of others who wouldn't qualify as accredited investors.

The great depression started before the SEC existed and was a completely different world.

Back to my original question I asked if it was easy to find examples. I have no doubt that you can find a few since fraud happens. But I think you'll find it difficult to find more than a handful.

The creation of the SEC was a response to the stock market crash that let to the Great Depression.