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Anyone willing to lie on the form can be an "accredited investor". I know people who have done that in order to invest in private placements. Some firms do very little to verify income and assets.



an acreddited investor loses some judicial privileges (e.g., they are assumed to be sophisticated enough to understand the prospectus and/or can pay to have it explaine to them).

The gov't will not protect accredited investors the same way they do the general public. Therefore, firms only need to ask on their forms, and no need to actually verify imho.




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