December 29, 2020
Hello, I am a 26 year old Petroleum Engineer with an interest in investing in private placements. Last year I learned that I was unable to participate in a private placement opportunity due to not meeting the requirements as an “Accredited Investor”. This antiquated rule alienates young investors like myself from opportunities only offered to people and institutions with large holdings. Net worth and yearly income is not necessarily an indication of financial knowledge and should not be the standard that removes willing capital to participate in more risky opportunities. Moreover, with the guidance of licensed investment managers, educated, young professionals are in many cases more financially sophisticated than older individuals who have accumulated more money simply due to working and saving for longer time. Lastly, young investors are recommended to be more risk-averse due to a longer investment time horizon. Please reduce the requirements for private placements so that young investors, with guidance from licensed investors, may be able to participate in this sector of our economy. Thank you, Seth Haymes Sent from my iPhone