4 ms·

Well he was just referring people to sign up for the website. The money was money he spent advertising the website(?), so the money only went to getting new mem

by nv-vn 10y ago

Well he was just referring people to sign up for the website. The money was money he spent advertising the website(?), so the money only went to getting new members. The stocks were given as the reward for the most sign ups, not in exchange for money.

elbasti 10y ago
The point is that the stock was exchanged for something (referrals, marketing, etc), and that the contest was announced (ie, general solicitation). That no cash traded hands doesn't matter. There is precedent of an almost identical enforcement action by the SEC, but my google fu is failing me.
- deleted 10y ago
  [deleted]
- throwawaylalala 10y ago
  Would be Jet.com's issue, not the guy.
  - elbasti 10y ago
    That is correct.
- 6clotr1ckg 10y ago
  Can a startup publicly recruit with the promise of stock as compensation?