Posted by Jeff on November 05, 2009 at 12:18:11:
My question has to do with raising capital via a Private Placement Memorandum.
Rule 506 — Investment Sophistication
The dollar limitation of Rule 505 can be waived if the non-accredited investors are sophisticated investors who have had prior experience with a Reg D offering, or they are represented by a purchaser representative who has, such as an investment adviser, an accountant, or an attorney.
Are these three professions the only ones allowed to operate as a Purchaser Representative on behalf of the principles in a PPM without being a principle of the venture themselves (i.e commissioned representative)? Can a Real Estate Broker who is not a principle in the PPM also operate in this position?