UpCounsel crowdfunding campaign

Talk about ignorance. KJ Erickson clearly violates SEC crowdfunding rules on LinkedIn that prevent companies that seek crowdfunding to advertise “deal terms” (such as the raise amount, the security details, the price of the security, the closing date of the campaign, etc.) on social media.

The thing that strike me, is that she, apparently, in charge of a “legal services” marketplace 🤭

I am not an attorney and have never done crowdfunding, but this post clearly violates the rules outlined by the JOBS Act and … constitutes securities fraud…

KJ Erickson’s post reads:

I could care less about UpCounsel or how this round runs, this post is about quality of information and leadership. Maybe have someone with better legal expertise run your legal services marketplace?

There are only two types of communications permitted on social media for companies that seek funds subject to the JOBS Act:

(1) Posts that don’t mention the “terms of the offering”

and

(2) Posts that just contain “tombstone” information.

P.S. — KJ Erickson blatantly refused to remove her unlawful posting, prompting myself to report it to the United States Securities and Exchange Commission under a Submission Number: 16390–762–883–748 on Thursday, December 09, 2021.

U.S. Securities and Exchange Commission #securitieslaw #securities #crowdfunding #legalservices

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Antitrust, real estate, e-commerce, fintech, proptech, bigtech