BOSTON (MarketWatch) — If, as expected, the Jumpstart Our Business Startups (JOBS) Act that passed through Congress last week becomes law, the big increase in employment most likely will come in the investment scam business.
Criminal minds must be working overtime now, because the new legislation — which seemingly every investor- and consumer-protection group has railed against — effectively makes it open season on small investors.
The legislation effectively allows a burgeoning phenomenon known as “crowd funding” to proceed virtually unfettered, with the idea that it will help new and small businesses raise capital effectively at a time when the financial-services industry has been tight about making loans and institutional investors have been rushing for safety.
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