I get the gut feeling that the SEC doesn’t have the audit capacity to focus on the likely smaller deals where non accredited people lie.
Please share any cases you’ve found
Companies and individuals get fined and sanctioned for non-exempt offerings of securities all the time all day every day.
Non-exempt means that the issuer either didn't bother to care, or tried to comply with a registration exemption but failed. One way of failing is the inclusion of non-accredited investors. Depending on the exemption being leveraged.
No sanction will say “aha we found non accredited investors” it will just say the exemption wasn't used correctly.
Sometimes its just a fine.
Sometime the sanction is proper registration and financial reporting like a publicly traded company has to. This is often a death knell to small issuers due to the time and expense of ongoing compliance as well as unsavory information that deters future investment, which is why so much energy goes into avoiding it, even in VC backed companies which now aim to go public at the end of their growth cycle.
And in egregious cases the company and individuals behind it will have a criminal securities fraud and wire fraud charge.
Its not because a “poor person” lied. You really have nothing to worry about.
where are those published?
https://www.sec.gov/page/litigation
I dont think SEC reports all
All states have an equivalent agency
CFTC gets involved sometimes and there are some capital offerings and issuance solely under its purview
If you are looking for that you are looking for the wrong thing. If you are on the fence about trying to qualify for a private investment because "law" its not your problem.
But if you are issuing an investment, it definitely is your problem.
Sorry man, not everything that occurs and why it occurs is on Google for your independent review. You just have to talk to people, and lawyers, and come to an average-right conclusion.
Maybe there is some blog somewhere about someone talking about their fine from the SEC or a case study, but its unlikely because people don't want to out themselves like that, or typically settlements (in general, not necessarily with regulator) bar people from talking about them.