Regard Jason – I think what he is doing with Open Angel Forum is dynamite. I know he was aggressive in his confrontation around Keiretsu Forum – that's his style and it's something some of us love about him. And regardless of our difference of opinion on Keiretsu Forum, I'm perfectly happy to accept your viewpoint that you think it's useful for entrepreneurs. My person focus on this issue is to create as many free venues and forums for entrepreneurs and active angel investors to get together to try to put together financings to create new companies.

And – in my world, entrepreneurs enjoy drinking a beer and playing poker, especially with their potential angel investors, after having a pitch type event.

Startups cannot pitch to the public for a private securities investment. Recommend you speak with Sue Preston in SF, she's written two books on Angel Investment, about Regulation D and parts 505/506 of the securities laws.

I need Windows 7 and IE 8 because i'm involved with a startup that is all-in for the Microsoft Cloud… but i'm going back to OS X + Safari/FF for my browsing…

(I had to edit my post down, since you blog is now refusing to accept posts with > ~2 paragraphs…)

fyi – as a background fact – the Keiretus Forum has never criticized, or implicitly criticized, any other group, as the title of our post implies.. except for my own posts criticizing Jason (as a member, but not representing the K4).

Jason Calicanis, on the other hand – is at the root of the OAF, and it doesn't require a genius IQ to see his character. So why would the OAF want to affiliate itself with such a negative person? And above all, yourself – the polar opposite? I'm perplexed.

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Ann, there is a third, and much bigger problem with this – because of the Federal and State Laws relative to any (private, or public) securities offerings. I'm a Series 7/63/55 registered rep (in order to do prop tradign), so i learned about this while studying for the Federal and State securities tests.

The Federal Securities Act of 1933 has "rule 505" which pertains to private equity offerings (actually there is rule 506, and several others that pertain, too; plus relating laws pertinent in each state. It restricts solicitation of equity investments to accredited investors, and to a certain # of investors (35 max; varies by state). Since individual states have their own securities laws which further refine the federal regulations, some states are stricter at enforcement than others. But I don't think there's any state in the U.S. where you can "legally" have an open solicitation to the public, for equity investment.

According to the Federal Law, if you are responsible for an investment presentation in which results in non-accredited investors writing a check — then later on they decide it was a mistake, after it doesn't work out — then you (the party that facilitates the solicitation) are liable to re-imburse them for 200% of their original investment. The penalties in some states (e.g. California) are harsher. And some states enforce it more diligently than others.

Also, you cannot have promotional agents or "success fees" for private offerings; those will get you thrown in jail faster than a bank robbery. I have seen those suggested for Angel Groups. Just Google it, and you'll see that's REALLY asking for (quick) trouble.

Problem is, when an equity investment goes south, then some investors are bound to have their lawyer pursue whoever acted as the "broker" or "agent", and the lawyers come in and this stuff can (read: will) dig all this law up very quickly; then the specialists and the agencies come in. So you can see where if an Angel group video casted "a live deal" on the internet and people were writing checks from all over, where you'd put the group at risk from getting sacked not only by the Feds, but by 50 state securities commissions — AND god knows who else:(

I have recently interviewed a number of the top experts nationwide on this topic, and have attended organizational meetings for new Angel groups all over the West Coast, in the past year. This is always a big topic that has to be dealt with and written into the charter, to protect the members and the organizers.

If you want to talk to an expert about it, contact my friend Sue Preston of San Francisco. She's an attorney that has written two of the best books on Angel investing, and she is active in advising Angel groups on what to what out for.

Unfortunately, there has been a long history of criminal manipulation and exploitation with regards to securities offerings, which creates a massive legal overhang that impacts every modern-day startup making a private or public offering.

hth, -steve b.