That's pretty cool. So all I need to do is to get a friend of mine to register as an Angel, then give him 100k I've got my Visa. A lot of people can raise 100k - this seems like it would cause a lot of immigration to happen.
To do what Max was talking about would only require $200K to get in the door, and the willingness of an accredited investor to commit fraud.
there are obvious penalties which would be incurred if someone intentionally abused this system.
legislation does not prevent all types of abuse, however we have attempted to reasonably make it unlikely that such abuse would not occur without great cost and risk to the perpetrators.
we believe we have done a responsible job in drafting the legislation to avoid this. exact language will depend on how the bill gets negotiated before final vote.
This just doesn't seem well thought out.
yes, it's likely not all investors will qualify -- not perfect, but it's reasonable to require some domain experience that can be provably audited. and yes, the investors who do qualify will likely not be completely sketchy and/or likely to commit fraud.
we picked a reasonable bar to get over that straddles both a rqmt of experience and some capital without making it so low that people could abuse it.
investing $300,000 in capital in 6 companies over 3 years does NOT seem like "virtually anyone" for "very little money".
your perspective again seems irrational & extreme.
If you don't want to continue arguing, stop arguing. I don't care what bar you picked for investors, except for the fact that it seems obvious that it's modelled on the tech investor clique. If you got the investor model perfect, I'd still have a problem with conflating investment with viability or value to the economy.
I don't believe for one millisecond that you will concede anything about this bill, which you clearly passionately support. That doesn't bother me at all, for what it's worth.
if you want to have a discussion where we have the chance to change each others' minds, then perhaps we should be talking about what parts of investor mentality are in question, and why that isn't better than doing nothing / status quo.
I think it should say at least 2 investments, and at least $100k in total value of the investments.