I've been part of a non-zero amount of deals where there was one, or more, parties who've made that false claim. In an open group I participate in there are some early Angels and want-to-be investors. I've observed folks attempting this shortcut. And every time it's fucked over multiple people. So, yea, it's trust based - and truth will out.
Another outcome was that the folk buying in had to buy out the non-RegD parties - and crushed them on the price so those investors got a better price, the fraudulent actors didn't see the gains they thought, the company now has more % owned by new investor group than originally thought (which changes the control balance) and the founders are grumpy and distracted and mad at folk they thought were cool (and all that has a down-pressure on productivity while everyone involved gossips for a few weeks)
Edit: of you're getting your FFF round, it's all private, that group can be unqualified and you mark the deal as a Loan, so when you raise your Angel round you'll pay them back, or start the payback - and let the Angels know that's happening. Part of the investment to service debt.
I didn't express any attitude about the current rules around "accredited investors", I merely expressed what the current status quo appears to be, i.e. the system is largely based on self reporting. Obviously, there are all sorts of problems with that.
For what it's worth, I don't particularly like the current rules around "accredited investors", they seem pretty arbitrary, and at the same time too lax (self reporting) and too restrictive (obviously, these rules give rich people access to a lot of opportunities not available to others).