Tagged: sec

Massachusetts & Montana Continue Assault on SEC & Regulation A+

Montana Massachusetts Take AIM at SEC

As aptly stated in one publication, Massachusetts and Montana are giving Regulation A+  – an F.  While the failing grade is perplexing to most casual observers, the battle over this new investment crowdfunding exemption and the petitioning states is nowhere near completion. In a filing… Read More

XTI Aircraft Company Launches Equity Crowdfunding Campaign on StartEngine For Vertical Takeoff Airplane

XTI 1

A group of business aviation visionaries today invited the world to help shape and own the future of flight. Starting today, aviation enthusiasts and crowdfunders nationwide are actively participating in the launch of XTI Aircraft Company’s (XTI) equity crowdfunding campaign on StartEngine, which is considered the first funding effort… Read More

Symbid Co-Founder & CEO Korstiaan Zandvliet: Commitment to Transparency Sets Platform Apart from Competitors

Symbid Quote

“The last three months have seen around $150 million provided to 144 small businesses within The Funding Network. We’re estimating our total funding volume in 2015 to be around $800 million. Beyond that, I see huge potential for Symbid if we can continue to expand… Read More

Legal: Drafting the Regulation A Offering Statement

Money Benjamin Franklin 100

If your company has decided to take advantage of the new avenues for reaching investors under Regulation A, the biggest task you face will be preparing an offering statement that includes mandatory disclosures about the offering and the offeror, and obtaining Securities and Exchange Commission… Read More

SEC Issues New Guidance: Use Of The Internet Not Always Considered General Solicitation

SEC Guidance

Last week the Securities and Exchange Commission (SEC) responded to a “no-action” letter (RE: Citizen VC, Inc.) concerning the establishment of “substantive relationships” with previously unknown potential investors and what constitutes “general solicitation” in the context of a private securities offering. The SEC also issued… Read More

RealtyShares Gives Feedback on SEC No Action Letter Responding to Citizen.VC

No Action

Real estate platform RealtyShares has shared their perspective on the recent no-action letter issued by the SEC in response to an inquiry by Citizen VC, Inc. as to that company’s method of onboarding new investors. The letter forwarded to the SEC by Citizen.VC counsel Mintz Levin outlined several policies and… Read More

Citizen.VC Receives No Action Letter from SEC Regarding General Solicitation

Walking to the SEC Securities and Exchange Commission

Citizen.VC, a online investment platform that leverages 506(b) Reg D private placements but NOT 506(c) placements, has received a “No Action” letter from the SEC regarding questions and clarifications as to what qualifies as general solicitation and the establishment of relations with investors.  The guidance… Read More

SEC Commissioner Gallagher: Dodd-Frank has Failed. It is Strangling the Economy.

Russia USSR Soviets Financial Regulation

In what may be his last speech as an SEC Commissioner, Daniel Gallagher addressed the US Chamber of Commerce and criticized parts of the SEC, and much of the new world order of regulatory over-sight.   Gallagher scorched Dodd-Frank as a grandiose plan that has increased the fragility of… Read More

SEC Launches Probe of Pre-IPO Tech Stock Sales Transactions

Wanted Private Transactions

  What started as an action against a single company in late June has evolved into a probe of an entire industry. As reported by the Wall Street Journal late last week, the Securities and Exchange Commission (SEC) has launched a new probe spurred by… Read More

Social Dieting Website WayBetter Obtains $9.3M in Investment Interest on SeedInvest in Just 48 Hours in First Campaign Under New Mini-IPO Rules (Infographic)

WayBetter Lose Weight

SeedInvest, an equity crowdfunding platform, announced on Friday that WayBetter, which runs the social dieting website, DietBet, successfully conducted one of the first “testing the waters” fund-raising campaigns under the new mini-IPO rules, which went into effect on June 19th. The company received $9.3 million of investment interest… Read More

Advisory Committee on Small & Emerging Companies Schedule Call on Treatment of “Finders”

ACSEC Kara Stein and Stephen Graham

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) has scheduled a call for July 15th at 1PM ET to discuss the issue of “finders”.  This references the regulatory treatment of individuals who connect investors with companies seeking capital. The rules regarding finders remain… Read More

What is Regulation A? SEC Issues Investor Bulletin on Reg A+

SEC Regulation A+

The Securities and Exchange Commission only recently finalized rules on Title IV of the JOBS Act, commonly referred to as Regulation A+.  While old Regulation A has been around for quite some time, few utilized the exemption as it was encumbered with costly, and time… Read More

Millennium Trust Company Receives $5.6 Billion In Private Fund Assets under Custody

Millennium2

Millennium Trust Company, a provider of alternative asset custody solutions to institutions, advisors, and individuals, announced today that assets under custody for private funds have surpassed $5.6 billion as of June 1, 2015, an increase of $600 million within the last six months. The firm’s… Read More

Gregg Mulholland, Previously Charged by SEC for Pump & Dump Scheme Involving Rudy Ruettiger, is Charged with Illegally Selling Penny Stock Shares

fraud

The SEC has charged Gregg R. Mulholland of secretly accumulating “at least” 84% of shares in Vision Plasma Systems.  Once Mulholland effectively controlled the company, he liquidated shares for proceeds of approximately $21 million.  The SEC states that no registration statement was filed on the… Read More

SEC Staff Provides Early Guidance on Use of Regulation A+

SEC Regulation A+

  On June 23, 2015, the Staff of the Securities and Exchange Commission provided some public guidance on certain issues arising under the new Regulation A+ Final Rules. In a new section of the SEC’s Compliance and Disclosure and Interpretations (C&DI’s),  a Q and A… Read More

Brief: Seed Equity Ventures Reaches Milestone By Registering Investors and Entrepreneurs from 100 Countries on Equity Crowdfunding Platform

todd crosland

Seed Equity Ventures announced today that it now has registered investors and entrepreneurs from 100 countries. An executive partner from an investment bank in the North African country of Tunisia registered as an investor today bringing the platform 100 countries. Seed Equity is a registered broker dealer… Read More

Montana & Massachusetts Update “Fools Errand” SEC Lawsuit

Damage Dollar Money

The states of Massachusetts and Montana have filed a joint preliminary statement of issues. Once again the two state securities regulators, William Galvin in Massachusetts and Monica Lindeen in Montana, are reiterating their criticism of the SEC and recently enacted rules for Regulation A+. The… Read More