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Equity Crowdfunding As Economic Development? David Groshoff

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Equity Crowdfunding As Economic Development? David Groshoff Campbell Law Review Volume 38 Article 3 Issue 3 Symposium 2016 2016 Equity Crowdfunding as Economic Development? David Groshoff Follow this and additional works at: http://scholarship.law.campbell.edu/clr Recommended Citation David Groshoff, Equity Crowdfunding as Economic Development?, 38 Campbell L. Rev. 317 (2016). This Article is brought to you for free and open access by Scholarly Repository @ Campbell University School of Law. It has been accepted for inclusion in Campbell Law Review by an authorized administrator of Scholarly Repository @ Campbell University School of Law. Groshoff: Equity Crowdfunding as Economic Development? Equity Crowdfunding as Economic Development? DAVID GROSHOFF ABSTRACT The so-called "JOBS Act" became law in 2012.1 Partof the JOBS Act was to make obtaining financial capital for the small businessperson or entrepreneur more easily available by making equity crowdfunding permissible under the securities laws and regulations promulgated thereunder. I have defined "crowdfunding" and its different flavors in severalprior publications and will not repeat that exercise here.4 Although the United States Securities and Exchange Commission (SEC) has promulgated regulations regarding some portions of the JOBS Act,5 and . Department Chair and Associate Professor of Business, American Jewish University, Los Angeles. J.D., The Ohio State University; Ed.M., Harvard University; M.B.A., Northern Kentucky University; B.A., Indiana University. The author thanks Dr. Effendi Leonard, Kent Plunkett, Yong Zhang, Peter Crosby, Mi Tang, and Nick Pacifico for their contributions to his knowledge regarding the material covered in this Article. The author also thanks Jeff Keith for sparking the intellectual curiosity to wade into technology controversies. See, e.g., TESLA, THE GREAT RADIO CONTROVERSY (Geffen Records 1989). 1. Jumpstart Our Business Startups (JOBS) Act, Pub. L. No. 112-106, 126 Stat. 306 (2012) (codified as amended in scattered sections of 15 U.S.C.). 2. See id. § 306, 126 Stat. at 315 (codified as amended at 15 U.S.C. § 77(d) (2012)). For purposes of this Article, small businesses are those that desire to remain as small businesses, whereas entrepreneurial businesses are those that seek to scale to levels permitting them to one day have a public offering. 3. See, e.g., I JOSEPH W. BARTLETT, EQUITY FINANCE: VENTURE CAPITAL, BUYOUTS, RESTRUCTURINGS AND REORGANIZATIONS 61-91 (2d ed. 1997 & Supp. 2015) (providing broad overviews of crowdfunding and the JOBS Act and their relative positions in the capital, enterprise, and economic formation process). 4. See, e.g., David Groshoff, Kickstarter My Heart: ExtraordinaryPopular Delusions and the Madness of Crowdfunding and Bitcoin Bubbles, 5 WM. & MARY BUs. L. REv. 489, 490-94 (2014); Kurtis Urien & David Groshoff, An Essay Inquiry: Will the JOBS Act's Transformative Regulatory Regime for Equity Offerings Cost Investment Bankers'Jobs?, I TEX. A&M L. REv. 559, 569 (2014); David Groshoff et al., Crowdfunding 6.0: Does the SEC's FinTech Law Failure Reveal the Agency's True Mission to Protect-Solely Accredited-Investors?9 OHIO ST. ENTREPRENEURIAL BUS. L.J. 277, 279 (2015). 5. See Jumpstart Our Business Startups (JOBS) Act, Pub. L. No. 112-106, § 201, 126 Stat. 306, 313-14 (2012) (regarding public solicitation for accredited investors). 317 Published by Scholarly Repository @ Campbell University School of Law, 2016 1 Campbell Law Review, Vol. 38, Iss. 3 [2016], Art. 3 318 CAMPBELL LAW REVIEW [Vol. 38:317 some outsiders believe the SEC's move to clarify rule A+ offerings in 2015 was a positive. This Article, however, reiterates that, until full implementation of the JOBS Act's necessary regulatory environment occurs, penalties will continue to accrue to start-up enterprises, individual investors, and potential employees facing rigged employment numbers that negate those individuals who have simply stopped their respective job searches because of the economic environment.6 INTRODUCTION ............................................. 320 I. LAW AND DEVELOPMENT ECONOMICS IS FOUNDATIONAL TO EQUITY CROWDFUNDING.................................320 A. History and Contextualization ofDevelopment Economics......321 B. Microfinance and Law and Economic Development.................325 i. MicrofinancialBackground and History....... ...... 325 ii. Analyzing Regulationfor the Microfinance Investor.........329 C Synthesizing Law and Economic Development with Microfinance and Equity Crowdfunding ......... ......... 330 II. BRIEF BACKGROUND ON THE JOBS ACT, EQUITY CROWDFUNDING, AND QUESTIONABLE FEARS OVER EQUITY CROWDFUNDING ............................... ............. 334 A. What Is Equity Crowdfunding? ...................... 334 i. Brief Securities Law Overview ................... 335 ii. Equity Crowdfunding's PotentialPromises..... ..... 335 iii. Crowdfunding's PotentialPitfalls-Fraud.......................336 iv. Crowdfunding's PotentialPitfalls-Oversight....................337 6. See generally Jim Clifton, Opinion, The Big Lie: 5.6% Unemployment, GALLUP (Feb. 3, 2015), http://www.gallup.com/opinion/chairman/1 81469/big-lie-unemploy ment.aspx [https://perna.cc/VMQ3-9F5B] (describing that the unemployment statistics released by the Department of Labor are misleading because people who are unemployed and stop seeking employment become removed from the ranks of the "unemployed" and people who work less than they are able also do not count as "unemployed" in the DOL statistics); Missing Workers, EcoN. POL'Y INST., http://www.epi.org/publication/missing- workers/ [https://perma.cc/BL8M-CXH8] (last updated Apr. 1, 2016) (describing "missing workers" as part of skewed economic statistics and attempting to estimate the number of missing workers in the current economy as of Mar. 2016); Antony Davies, 3 Lies About Jobs and the Unemployment Rate, U.S. NEWS & WORLD REP. (May 29, 2012, 3:30 PM), http://www.usnews.com/opinion/blogs/economic-intelligence/2012/05/29/3-lies-about-jobs- and-the-unemployment-rate [https://perma.cc/2WPJ-EPHL]; Christopher Matthews, The Unemployment Report Wasn't Rigged, but It's Not Accurate, Either, TIME (Oct. 16, 2012), http://business.time.com/2012/10/16/the-unemployment-report-wasnt-rigged-but-its-not- accurate-either/ [https://perma.cc/8V8R-XEDR] ("Conservatives have long argued that the official unemployment rate understates the sluggishness of the economy ... ."). http://scholarship.law.campbell.edu/clr/vol38/iss3/3 2 Groshoff: Equity Crowdfunding as Economic Development? 2016] EQUITY CROWDFUNDING AS ECONOMIC DEVELOPMENT? 319 v. Public Company PotentialPitfalls-Issuer Fraud that SEC DisclosuresNeglected To Prevent.. .............. 338 vi. GatekeeperFraud that Neglected to Prevent ShareholderDestructive Behavior........... ..... 340 B. Synthesis ............................... ....... 341 III. COMPARING THE PROPOSED EQUITY CROWFUNDING WEBSITE "TYPES": REGISTERED INVESTMENT ADVISERS, BROKER- DEALERS, AND FUNDING PLATFORMS ........................ 341 A. General Level Examples in Existing Landscape..... ..... 341 i. CommercialBank Affiliations............. .............. 341 ii. Multi-FacetedApproaches ...................... 342 B. State-Level Registrants ............................ 343 C. Registered Investment Adviser Platforms....................... 344 i. RIA Requirements and Exemptions...... .................. 344 ii. Prohibitionfrom FederalRegistration for Advisers with Limited Assets Under Management ....... ....... 346 D. B/Ds RegistrationProcess ................... ...... 348 i. Background................................348 ii. Exemptions from Registration ............. ...... 349 a. Exclusively IntrastateBusinesses...... ............... 350 b. Business Limited to Excluded and Exempted Securities . ........................ ....... 350 c. Issuers of Securities ..............................350 d Associated Persons ofIssuers of Securities.................350 iii. Where to Register ............................ 350 iv. Burdens ofRegistration .......... .................. 351 v. FinancialResponsibility Rules .............. ............... 352 E. ContrastingRIAs' Ease ofRegistration and "Smaller" Regulatory Burden with Those ofBIDs ........... ..... 354 i. FiduciaryDuties and Related Requirements .... ..... 355 F. Other Exemptionsfrom B/D and RIA Registration...................357 IV. PROPOSED ALTERNATIVES FOR EXISTING EQUITY CROWDFUNDING BUSINESSES, WHETHER A PROPOSED ISSUER, INVESTOR, OR PLATFORM ................................... 358 A. CongressionalPassage of a Revised Equity Crowdfunding Rule?........................ ............... 359 B. Are State Exemptions Ineffective? .............. ...... 360 C. Defer Wholly to Rules on Regulation A+ of Title IVof the JOBS Act?.. .................................... 360 CONCLUSION....................................................362 Published by Scholarly Repository @ Campbell University School of Law, 2016 3 Campbell Law Review, Vol. 38, Iss. 3 [2016], Art. 3 320 CAMPBELL LAW REVIEW [Vol. 38:317 INTRODUCTION This Symposium Article first provides a brief background on the JOBS Act by focusing on law and global economic development theory and its relationship to equity crowdfunding as a means of economic development for entrepreneurs emerging from a weak economy. Second, the Article explains the concepts of debt and equity crowdfunding, and their distinctions, benefits, and potential pitfalls. Third, this Article compares the types of permissible equity crowdfunding websites' regulatory forms-registered investment
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