>So if I want to sell stock with a registration statement which says, "this is a Ponzi scheme and investors who buy in too late will lose all their money," that

>So if I want to sell stock with a registration statement which says, "this is a Ponzi scheme and investors who buy in too late will lose all their money," that should be permissible? If you make sure that investors are actually aware (e.g., you don't try to bury it in fine print), then I don't see why not, as long it complies with the gambling laws of the relevant jurisdiction.