Employees aren't like A16z, they're not getting preferred shares and their primary source of income isn't likely to be investing in corps.
Stuff like this can ruin people's lives.
But does it really? Sure, it sucks if you get tricked to accept a lower salary, but I'd assume that even a below average software developer salary will be enough to lead a somewhat comfortable life.
Joining a startup is an opportunity to be part of a team that's doing something really hard, so you need to trust each other. Lying about the compensation structure isn't a good foundation for trust.
Now, you're spending at least a year of your life, working 40+ hour weeks in close proximity to someone who cheaply misled you.