[sokoloff]

Several people went to federal prison and Arthur Anderson went out of business over the Enron shenanigans. This seems as much a deterrent as the Securites Act of 1934. If you’re willing to risk federal prison, you can solicit non-accredited investors for unregistered securities.

[hndamien]

You are missing the point. Insert any publicly listed stock that tanked. How about a nice safe bank, like Lehman brothers?