JOBS Act Forges Ahead Despite SEC Fraud Suit

Law360, New York (April 26, 2013, 8:17 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday filed suit over an alleged investment scheme that sought to raise billions under the Jumpstart Our Business Startups Act, but attorneys say the case doesn’t merit scrapping a key provision of the law.

The SEC sued Daniel F. Peterson, claiming he falsely told investors that a provision in the JOBS Act would allow him to advertise his real estate fund to the general public and produce huge profits. In fact, Peterson had no guaranteed investment product to offer,...
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