Securities Exchange Commission

Move Over Kickstarter, Here Comes Crowdfunding

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Yesterday was a big day for the capital markets. For the first time, startups can raise (relatively small amounts of) capital from the public without registering with the SEC and by offering its securities over the internet. It’s called “crowdfunding.” Some…

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I have long been frustrated by the SEC's practice of settling cases of financial misconduct without making the defendants admit to the allegations. That policy gives a defendant a significant economic incentive to settle with the SEC, because one who…