Elio Crowdfunding

[Hightech]

guess that spending a career working in NC's prison system influences my thinking in things like this .... I have no doubt that the haters (for lack of a stronger term) who sit alone in front of their computers and do things like this pay little thought to the fact there could be consequences for their action .... if so it could send a message to others interested in the same type of behavior

Well, considering their terms of service, StartEngine clearly list themselves in nearly every section as 100% exempt from everything, including stating that anything they offer may not even be in accordance with any security laws or offerings....... Anything civil wouldn't be taken seriously. Walmart asked me for more information on a return without a receipt then Start Engine did for an account.
Now, if things actually moved forward and they started requesting assets listing or incomes for an offering and purchase, it would be possible but not likely to even be scoped.

Ever read the fine print on when you do bank transfers? The daily limit is like $500,000 per day, things like this (Elio test the water offering) are peanuts. Now Accredited Investors on the other hand are a different animal. This is why Start Engine does not involve itself with Regulation D.

 

[Reid3400]

What a pile of 40 nonsensical posts. Go find ONE SEC prosecution of this scope in the past 10 years. I can think of 2 SEC frauds, one $100m the other $300m where a few individual investors lost between $4m and $10m. They were too small for the SEC to look into.

 

[AriLea]

To us, I expect all that matters, will EM get their $25m out of this process and be able to create their crash mules? Pretty much seems that is yes, and is a low risk call, since SE has ripped out 3m or more of suspicious submissions and still we're back to $23,364,264

Would think we'll see some announcement from EM with-in days to a couple weeks that they are submitting the request, and that more people can still make reservation requests under some reasoning like untaken reservations or other extensions of the submission.

Anyway as for me I'll be watching this every few hours rather than every few minutes until the $25goal, then daily for that announcement, what ever it may be.

 

[JEBar]

interesting, I don't know that I'd classify post used to ask and answer questions as nonsensical .... I think it would be pretty safe to bet that more people aren't familiar with the intricacies of securities law that there are who do .... can't speak for anyone else but I know that for me a good way to learn is to ask questions

 

[Devilstower]

And back below $23m again. Some of it is undoubtedly weeding out previous accounts as they discover more about the pattern of abuse, but it looks as if the trolls (and as I said, I suspect a scripted attack, which could be coming from a single source) keep rolling in.

 

[AriLea]

Well due diligence is still working, they ripped 2mil more out. It may take longer to see the goal, but each rip makes the total more reliable.

At this level of fraud, as you probably know, I'd have to say the goal was to stop the funding by hitting the target too early. There is nothing stopping SE from putting more excess in the suspicious pile, and keep the collection going to a more reliable result. It's a way to compensate at least.

All the trolls can do at this point is keep messing with the presentation numbers. I really think all this skullduggery is just going to make Elio seem more interesting. Everybody likes a mystery.

 

[AriLea]

Can anybody look at this link and read the answer asked about the spoofed placements?
It's beyond my allowed list.
http://www.realitycrowdtv.com/blog/news/2-examples-of-early-reg-a-testing-the-waters-campaigns/

 

[AriLea]

OK, they stuck the 2m back in. Go figure.

 

[Ekh]

Can anybody look at this link and read the answer asked about the spoofed placements?
It's beyond my allowed list.
http://www.realitycrowdtv.com/blog/news/2-examples-of-early-reg-a-testing-the-waters-campaigns/

I read it. The gist was that both SE and WayBetter (another crowd funding site) are vulnerable to troll attacks. Duh! And that, really, is about all it says, except that the author of the article liked the Elio campaign.

 

[Ekh]

OK, they stuck the 2m back in. Go figure.

This is going to bounce all over the place til they put much tougher registration and verification procedures in place. And really, why shouldn't there be a positive, verifiable ID requirement. You won't be buying your stock anonymously (if you stick around), and there's no reason to hide your identity from either Elio or StartEngine.

I don't know if it's possible, but I'd escrow all "pledges" until ID was verified. It's a pain, but this kind of trollery can't go unchecked ... it ruins the entire process for any company attempting to use it.