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Signing as an "accredited investor" when your not

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We have the ability to invest in an internet start-up through "friends and family" of one of the founders. He has already secured the venture capital groups he needs and is offerring us preferred shares. The problem is, he has told us to check the box marked "accredited" when we are not. He says he will turn a blind eye but our concern is, this is fruadulent. What could happen to us if they are audited and find out we are not accredited?
 



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