So what it sounds like to me is that unregistered shares exist specifically for the purpose of fraud - you can’t tell whether you’re buying registered or unregi

So what it sounds like to me is that unregistered shares exist specifically for the purpose of fraud - you can’t tell whether you’re buying registered or unregistered, so presumably you’re going to only ever be able to get unregistered ones. The only reason to do this is so you can put fraudulent info in the prospectus in the knowledge that the only people getting registered shares are those who are in on the fraud, and none of the victims can sue you because of magic fraud reasons.