The SEC will have access to EVERYTHING

Again, people just don’t know. And so what happens when people don’t know is they end up actually offering transaction-based compensation, meaning, hey, if you bring in a certain amount of money to the deal, I’m going to pay you a certain amount of money or a certain amount of shares. And they actually document that. It’s in a spreadsheet or an email, or sometimes it’s flat out on social media. Literally, like people saying, hey, we’re looking for GPs, but you’ve got to be able to bring in a certain amount of money. And all of that stuff is discoverable. I mean, if there’s ever one of those complaints in an audit, the SEC comes in and they ask for everything. Not only just the offering docs you’ve put together, but every email, every piece of paper, anything that’s in your file. And those spreadsheets that have been going back and forth between syndicators where you have compensation for raising capital, whether it’s a capital raise or whatever the terminology is, that’s an issue.

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