© 2015 David M. Freedman
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dave@freedman-chicago.com



David M. Freedman, Financial & Legal Journalist

 EQUITY CROWDFUNDING FOR  INVESTORS

UPDATES & CORRECTIONS
Updated 12/4/15

Page v: In the last line, the book’s website URL should be: www.wiley.com/go/equitycf (we omitted “go”). See page page 259 for the website password.

Page xxiii and others: In the last paragraph, the book’s website URL should be: www.wiley.com/go/equitycf.

Pages 50 through 59: On October 30, 2015, the SEC issued final rules under Title III, allowing equity crowdfunding to launch in May 2016 (that's a link to the 685-page PDF document published by the SEC). CrowdCheck posted the best summary and analysis of the rules (a 23-page PDF doc) here.

Page 53: The first paragraph below the subhead should be changed to the following:


Title III is the only part of the JOBS Act that specifically and unequivocally allowed nonaccredited investors to participate in private securities offerings. Three years later, the SEC issued final rules under Title IV that allowed nonaccredited investors to participate in “Regulation A+” offerings as well.


Page 54: in Footnote 8, the correct URL for the Startup Exemption Crowdfunding Framework is: www.startupexemption.com.

Page 70: In Table 4.1, the data for Colorado is inaccurate. The annual raise limit is $2 million, and investment amounts are limited. (There are now at least 24 states with intrastate securities exemptions. See updated table at http://www.freedman-chicago.com/ec4i/Intrastate-Securities-Exemptions.pdf.)

Page 72: In the last full paragraph, the Colorado raise limit is $2 million.

Pages 130-131: The captions under Figures 7.1 and 7.2 should say “Used with approval from EarlyShares.”

Pages 158 and 159: Peach, Inc., is no longer referred to as Asurvest. The company has a website at www.PeachLabs.io.

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PUBLISHED JUNE 2015

Equity Crowdfunding for Investors

A guide to risks, returns, regulations,
investment strategies, funding portals,
due diligence, and deal terms


Equity Crowdfunding for Investors

By David M. Freedman & Matthew R. Nutting

How to invest in startups and early-stage
companies via equity offering
platforms and crowdfunding portals

see chapter summaries