I participated in a round of equity crowdfunding on WeFunder thinking that since I am a foreign citizen, there would be no way for the SEC to know how much total liquid asset I have (some of my assets are in Thailand). I only invested a couple thousand USD so it would not the end of the world if I lose it, but I was curious if this could potentially one day get me in trouble with the SEC? Can the company take away my shares or rights if they one day find out? Do I have anything to worry about?
Also, what if I have $1.5 million on the date of investment (and the money has been invested) but then lose half of it the next week, would that impact my investment?
ps. I am looking for a lawyer who has experience dealing with foreign investors, the SEC, angel and real estate investing so please let me know if you are interested or if you know someone who specializes in this type of field.
The SEC will not look at your statement even if Yiu did not tell the truth to the company about your financial and investment background
There shouldn't be any issues for you in this case. In nearly 24 years working in this area I haven't seen the SEC "double check" to see if you investors in an offering are accredited. Also, regarding your second paragraph, if you were accredited on the date of investment and then subsequently lost money and became unaccredited you would have been in compliance at the proper time and would be fine. In addressing your last paragraph, I don't believe we can directly solicit you in this forum but know that there are many of us who have the experience you are seeking, so I'm sure you will be able to find one here on Avvo without a problem.
Legal disclaimer: All answers are for information purposes only. Answering this question or any future questions does not form any attorney-client relationship. Be mindful, that answers are limited by the limited facts presented by the questioner and are not meant to take the place of competent legal advice by an attorney fully informed of all the facts surrounding your case.
Short Answer: There should not be a problem here as far as the SEC is concerned. If you have other legal investment issues and questions, then you should consult with a local business attorney. Good Luck.
I agree with my colleagues that you should face no regulatory problems with the SEC or State securities divisions if you are not an accredited investor. I have never heard of such a case, but your misrepresentation in the subscription agreement might breach that agreement and could theoretically expose you to a claim from the company to the extent it is damaged by that misrepresentation.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
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