I might be biased, I’m not sure, because my take on all of this isour current capital formation process in America for SmallBusiness is broken, so just the mere fact that we have managed tohave an open, transparent discussion about fixing it, actually getbi-partisan support to pass new legislation is a victory and amiracle and should be applauded regardless of where you standon this particular piece of legislation and its details ofimplementation. Don’t kick a “gift horse,” get a new saddle.
Yes, of course we should all be worried about fraud, and the “darkknights” coming out the woodwork being mindful of another
possible opportunity to rip off “seniors” and schoolteachers but thatfear is not justification to stop these new capital raising processesin their tracks. While opposing sides are coming together letsembrace that and keep the cooperation going. Maybe next-- taxincentives that will protect and enhance investment in smallbusiness? Let’s keep talking and developing creative thinking.
Hasn’t anyone learned anything from Bernie Madoff and AllenStanford enough to realize all these layers and layers ofbureaucracy and regulatory didn’t protect any of those investorsfrom anything? We don’t need more regulation, more nitpicking; weneed more cooperation from regulators. So many financial firmsare full of good people trying to do the right thing and we have setup a convoluted system that only rewards the regulators if they findfault and can issue monetary fines on our financial firms,
Broker/Dealers and RIAs. The current system doesn’t seem muchdifferent than the NFL having coaches paying players to injureopponents.
Let’s be honest. We know every time a regulator walks into afinancial firm they have failed if they don’t walk out with a fine,where else will they get money for their bonus pool? They don’tcome in and say you filed 99% of your forms on time and correctly,let’s sit down and visit on that 1% and see how we might help youget that right as well. No, it’s how much are we going to fine you for that 1% we found and put this on your record and make you carryit like a scarlet “A” for the rest of your career. We don’t have asystem where if the firm reports it has a Rep that missed the
INSIDE THIS ISSUE
1 Crowdfunding; The Jobs Act & The Truth
2 The SoHo Loft Capital Creation Event Series - Featured Company
3-6 Crowdfunding; The Jobs Act & The Truth - continued
7 Collaborative Credits
8 About GLX – The Global Listing Exchange
deadline for continuing education the firm is rewarded fopointing out the representative was 30 days late, but did it thminute it was discovered, no, what you get is a notice and nonegotiation that $12,500 is the minimum fine they can give anthey are doing you a favor and thanks for the contribution to thebonus pool.
Try going in and asking for guidance to a regulator, they tell yothat is not why they are there, they tell you to go ask someonelse, get a lawyer, and if he gives you bad advice tough, we wicome in and fine you, we will not tell you what you could havedone to avoid the issue even though you asked in advancbecause that is how our system is set up. Ok, enough, you get it
Finally, enough people are fed up with our broken, archaicapital system and finally thanks to Social Media, people arbanning together and finally politicians are forced to listen an
voilà, we get legislation with new ideas and a possibility oimproving a broken system to help who? Small Business!!!
Why is it such a “hot topic” and why are so many people dying know all about it now that its law? Or is it? Well, it is law, but it“on hold,” so the SEC (Securities & Exchange Commission) caget their arms around its neck and try and choke it before life ibreathed into it. That’s life in the regulatory world, kill what yodon’t know and can’t control; make all in your reach subservienUnless we ban together and keep this flame alive it will go ou And even though I am “hammering” the regulatory system I a
continued on page 3
“ The JOBS Act is not just a piece of legislation;it is our children’s future. Without it, theincreasing unjustness in our capital marketswas leading the U.S. economy toward completedevastation. This bill democratizes the flow ofcapital, finally brings equality to the capitalmarkets and returns them to the lifeblood of oureconomy: America’s small businesses.”
- Dara Albright, Co-Founder at The SoHoLoft Capital Creation Event Series
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willing to give the SEC a chance to step up and do the right thingand open up using social media and Crowdfunding and helpsmall business. Where do they think companies like Microsoftcame from, remember it was a garage.
So, even if you don’t like some of the new law, embrace the factthat we are on the road for change and improvement and wehave something to debate and work on. It is better than what wehave, and it is better than nothing! We can always add investorprotective language but we need to let people have morefreedom to do with their money what they want. Right? The SECand FINRA don’t step in when there is a junket to Vegas, dothey? Or a family vacation with spending out of hand? Or creditcard spending for non-accredited investors that are out of“whack” with their income level?
Crowdfunding and the JOBS Act are “hot topics” because theroot of their existence is JOBS. Where do jobs come from?Small Business. What is Small Business? Small Business is theengine that drives America!
According to the U.S. Small Business Administration, smallfirms:
Represent 99.7% of all employer firmsEmploy just over half of all private sector employeesPay 44% of total U.S. private payrollHave generated 64% of net new jobs over the past 15-yearsCreate more than half of the non-farm private grossdomestic product (GDP)Hire 40% of high tech workers (such as scientists,engineers, and computer programmers)52% are home-based and 2% franchises
Ask most people if they know what “Crowdfunding” is and youwill get a general positive, yes! It combines two words thateveryone can relate to, “Crowd” and “Funding,” but as for specifics, forget it, and who can blame them, even Congresswho couldn’t pass it fast enough doesn’t understand it and
“punted” to the SEC to be the scapegoat in case it doesn’t get off the ground soon enough for its proponents. If I sound somewhatcynical about regulators it’s because I am. I have never reallyhad good experiences with them. Maybe that will change? I’ll tryif they will! But let’s move on, I know they are here to stay, I justwish while we are trying to improve Entrepreneurialism inAmerica we could improve the regulatory relationship betweenthe good guys, trying to do the right thing, and the regulatorswho feel like they have failed if they don’t extract a nice fine fromtheir visit with you.
Let’s take a look at the new law. It’s called the JOBS Act.
The Jumpstart Our Business Startups Act (JOBS Act) is aconsolidation of several bills introduced in our Congress in 2011
with the idea of making it easier for small business to raisemoney and ease the regulatory burden. The House ofRepresentatives passed the JOBS Act on March 8 by a vote of390-23, and the Senate passed the same bill, with oneamendment, on March 22 by a vote of 73- 26. The Senateamendment offered more restrictions than the House,specifically dealing with Crowdfunding. On reconsideration of thebill with the Senate amendment, the JOBS Act passed theHouse by a vote of 380-41 on March 27, and President Obamasigned it into law on April 5
th.
In case you missed all the hoopla in the past year, I know history
is often important to put things in perspective so here is abreakdown.
From August 2011 to March of 2012 there were numerousefforts in both Houses of Congress to get a bill passed to dosomething, either Crowdfunding, creating jobs, freeing up creditfor small business, anything:
HR 1070 – Small Company Capital Formation Act of 2011S 1544 – Small Company Capital Formation Act of 2011HR 2930 – Entrepreneur Access to Capital Act
S 1791 – Democratizing Access to Capital ActS 1970 – Capital Raising Online While Deterring Fraud &Unethical Non-Disclosure Act of 2011 the Crowdfund ActHR 2940 – Access to Capital for Job Creators ActS 1933 – Reopening American Capital Markets to EmergingGrowth Companies Act of 2011HR 2167 – Private Company Flexibility and Growth Act
The final bill that made it was HR 3606, below are its particulars.Amazing at the speed it made it through the system from date ofintroduction to execution by the President.
HR 3606 – Public Law No: 112-106-HR 3606: JumpstartOur Business Startups Act – Sponsor: Rep. StephenFincher [R-TN8]
- Introduced Dec 08, 2011- Referred to Committee Dec 08, 2011- Reported by Committee Feb 16, 2012- Passed House Mar 08, 2012- Passed Senate with Changes Mar 22, 2012- Passed Senate Mar 27, 2012- Signed by the President Apr 05, 2012
This bill was enacted after being signed by the President on April5, 2012.
The JOBS Act (HR 3606- Public Law No: 112-106) is one of themost comprehensive pieces of legislation in recent years to betargeted at “emerging growth companies”.
What are the highlights of the JOBS Act and what do theymean? Most importantly, what can we do now that it has beensigned into law? Actually nothing right now and it could be 90days to nine months or even more with extensions, so don’t holdyour breath, but do study and get prepared because there arenew processes coming and keep the pressure and positivemomentum going so this battle grows and we force ourCongress and regulators to give us what we need to bringAmerica back! Change is in the air. Right?
If you look at the index of the new law, there are seven Titles,
which form the foundation of the legislation:
Title I “Reopening American Capital Markets to EmergingGrowth Companies Act of 2011” (HR 3606, Carney-Fincher).HR 3606 creates an expanded on-ramp for newly publiccompanies by exempting a new category “emerging growthcompanies” (companies with less than $1 billion in revenues or$700 million in public float) for up to five years from a variety ofsecurities law requirements, including: say-on-pay votes; certainexecutive compensation reporting; requirements to provide 3-years of audited financials (would only need 2-years worth), SOXsection 404(b) auditing of internal controls over financial
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reporting; and any future auditor rotation or other auditorrequirements. HR 3606 also eases restrictions oncommunications and research related to an IPO. HR 3606passed the Financial Services Committee by a vote of 54-1 on2/16/12, has not previously come to floor action.
Title II, “Access to Capital for Job Creators Act” (HR 2940,
McCarthy of CA)HR 2940 amends section 4(2) of theSecurities Act of 1933 to permit use of public solicitation inconnection with private securities offerings, provided that theissuer or underwriter verifies that all purchasers of the securities
are accredited investors. In addition, the SEC would have toshare offering materials and documentation with the states. HR2940 passed the House 413-11 on 11/3/11.
Title III, “Entrepreneur Access to Capital Act” (HR 2930,
McHenry)HR 2930 creates a new exemption from registrationunder the Securities Act of 1933 for “Crowdfunding” securities.HR 2930 permits a company to raise up to $2 million a year, withinvestors permitted to invest the lesser of $10,000 or 10% of hisor her income annually in such companies. HR 2930 pre-emptsthe state regulators’ registration authority for the exemptsecurities, but websites and issuers must register with andprovide notice to the SEC, which would be shared with thestates. HR 2930 passed House 407-17 on 11/3/11.
Title IV, the "Small Company Capital Formation Act of 2011"
(HR 1070, Schweikert)HR 1070 requires the Securities andExchange Commission (SEC) to create a new and largerexemption, effectively raising the limit from $5 million to $50million for its Regulation A (“Reg A”) security offerings andpermitting a more streamlined approach for smaller issuers. Thecurrent limit is $5 million, but the mechanism is little used due tothe small size of issuances permitted. The bill would permit theSEC to impose conditions on issuance under the rule, and wouldrequire periodic review of the limit. HR 1070 passed House 421-1 on 11/2/11.
Title V, “Private Company Flexibility and Growth Act: (HR
2167, Schweikert)HR 2167 allows companies to remain private
longer, with no SEC filings, by raising the minimum shareholderthreshold triggering public reporting for all companies from 500to 1,000 shareholders, and by excluding employees from thedefinition of a shareholder. HR 2167 passed the FinancialServices Committee on voice vote 10/26/11, but has notpreviously come to the floor.
Title VI, “Capital Expansion” (HR 4088, Quayle)HR 4088 isidentical to House-passed HR 1965 (Himes) except that HR4088 removes a cost-benefit analysis study on raising theshareholder threshold for all companies (see Title V). HR 4088allows banks and bank holding companies to remain privatelonger by raising the threshold triggering public reporting from500 shareholders to 2,000 shareholders. The bill also easesrestrictions for discontinuing public reporting by increasing the
minimum threshold from 300 shareholders to 1,200shareholders. The employee exclusion discussed in Title V alsoapplies to banks and bank holding companies. HR 4088 has notbeen considered in the Financial Services Committee. However,HR 1965 passed the House 420-2 on 11/2/11.
Title VII, Outreach on Changes to the Law directs the SEC toprovide online information and conduct outreach to inform smalland medium businesses of the new law.
OVERVIEW
Regulation D under the Securities Act of 1933 will permitGeneral Solicitation and General Advertising; The Thresholdfor Mandatory Registration under Section 12(g) of theSecurities Exchange Act of 1934 will be increased from 500to 2,000 Persons.
The JOBS Act mandates the Securities and ExchangeCommission (SEC) to revise Regulation D under the SecuritiesAct of 1933 to permit general solicitation and general advertising
in private placements made under Rule 506 under the Securities Act, so long as each purchaser of the issuer’s securities meetsthe definition of an “accredited investor” under the Securities ActPreviously, private companies wishing to solicit prospectiveinvestors without registration with the SEC were limited tomaking offers to those with whom they have a pre-existingrelationship or with whom a broker-dealer they engage has apre-existing relationship. An issuer may now seek out investorsthat are accredited investors or qualified institutional buyers(QIBs) by engaging in general solicitation and public advertising,including through use of the internet and social media, therebysignificantly increasing the universe of prospective investors, allwithout having a registration statement on file with the SEC. Itwas already the case that securities offered under Rule 506 are“covered securities” under NSMIA and therefore exempt from
substantive state regulation, and are not reviewed by the SEC(unlike Regulation A offerings). It is probable that as we betterunderstand and use these features, Rule 506 will remain thedominant choice for unregistered offerings.
Another significant feature of the JOBS Act is that it raises thethreshold for mandatory registration under Section 12(g) of theSecurities Exchange Act of 1934 from 500 to 2,000 shareholdersof record (as long as the company does not have 500shareholders of record who are not accredited investors, inwhich case the 500-shareholder limit effectively remains. Theproblem will be determining whether shareholders of record areaccredited investors, as many issuers do not even know theidentity of most of their shareholders. My guess is we will seemore detailed investor questionnaires which request a summarystatement of the potential investor’s assets and liabilities.
Shareholders “of record” under the new law will excludeCrowdfunding investors and persons who receive securitiespursuant to employee compensation plans that are exempt fromregistration under the Securities Act (which is consistent with theSEC’s no-action position permitting private companies toexclude holders of stock options when determining whether theyhave 500 holders. The 2,000-holder rule will give many privatecompanies more control over whether and when they wish tobecome a public company and can delay the associated time,expense and regulatory burden associated with becoming apublic company.
Taken together, these changes to Regulation D and Section12(g) may result in very large Regulation D offerings becomingincreasingly common. With the mandatory 1934 Act registrationlimit increased to 2,000 holders, it will be easier for manycompanies to stay private longer. Rule 506 offerings have hadthe added attraction, since the Supreme Court’s decision inGustafson v. Alloyd Co., that no private cause of action fornegligent misrepresentation is available to disappointedinvestors. Many private issuers are likely to see Regulation D asa very attractive financing option, given the ability to reach out toa larger audience of QIBs and other accredited investors, theabsence of any limitation on offering size or number of investors,the absence of SEC review of substantive disclosure, the
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compared with an issuer’s ability to engage instead in aRegulation D offering to accredited investors, which permitsgeneral advertising without SEC review of substantive disclosureor a private right of action for negligent misrepresentation.Unfortunately, it is already being predicted that many fraudulentofferings will be conducted under the pretext that they complywith the Crowdfunding exemption.
Be aware that the SOX required CEO and CFO certifications ofannual and quarterly reports and liability of those individuals formisstatements as well as the requirement for management to
evaluate their company’s internal control over financial reportingremain unchanged.
REGULATION A
The JOBS Act provides a new exemption from the registrationrequirements of the Securities Act modeled on Regulation A,which is being referred to as “Regulation A+”. This newexemption increases the permitted size of Regulation A offeringsto $50 million of unrestricted securities within a 12-month periodto investors, who need not be accredited, subject to the annualfiling of audited financial statements and other conditions to beprescribed by the SEC, including periodic reportingrequirements. Regulation “A” offerings, currently limited to sales
of up to $5 million of securities in any 12-month period, aresubject to fewer disclosure requirements than registeredofferings.Regulation A+ has the advantage, compared with Regulation Dthat offerings of unrestricted securities can be made to a largenumber of non-accredited investors.
You must review advantages vs. disadvantages that are absentfrom Regulation D:
SEC review is required;Regulation A+ securities would not be covered securities forblue sky purposes, unless the securities are offered andsold on a national securities exchange or sold to “qualifiedpurchasers,” a term that must be defined by the SEC; andinvestors will have private causes of action under Section12(a)(2) of the Securities Act (for negligentmisrepresentation);Regulation A compares very unfavorably with Regulation Dand has been rarely used, primarily because of the SECreview process and the fact that securities sold inRegulation A offerings are not covered securities, resultingin significant issuer time and expense devoted tocompliance with federal and state securities law regimes.These issues were not addressed by Regulation A.
My attitude may be misplaced but I have always been achampion of small business and the individual and saw “BigBusiness” as the chosen few who the Politicians, Regulators
and the Wealthy cater to. But wait, if Small Business is“America” and its driving force for economic recovery why can’tSmall Business get loans or raise capital? W hy don’t thePoliticians, Regulators and the Wealthy cater to them? It’sbecause those in control make sure that all the rules benefit thePoliticians, Regulators and the Wealthy so the only peoplewho can afford to donate to the Politicians are the wealthy andthey make sure their friends are the regulators. It’s a mess.
Something we all have going for us here is that the Politicianssee that social media is playing a big part in elections and votingand public opinion. They also see a window of opportunity sincethe regulators messed up so bad in the recession with their
oversight and protection of all of us from the bad guys, so maybethey are not the only solution to investor protection, so a positivemovement began with the concept of Crowdfunding. We need tokeep that fire going for both sides so we can continue theseopen, transparent discussions and attempt to improve capitalraising and entrepreneurialism in America. That’s what it’s alabout. Let’s not stop here. Let’s dig deep for the best laws wecan to fuel the growth of Entrepreneurialism in America!
Think about it, when it comes to your money, you can give itaway, you can burn it, you can gamble it, have a hell of a New
Years Eve party with it, but you can’t choose where to invest ibecause Congress and the regulators think you are not capableenough, not smart enough. Has history shown us that we weren’any better off with people like Bernie Madoff and Allen Stanford?Let’s give the people a chance to spend their money they waythey want, at least a reasonable amount of it.
Entrepreneurs need to lead and find a way. Jobs can be created,products and services will be sold, and most loans will be paidback. Yes, some people will go broke trying. It is not possible tohave opportunity without risk. Failure is also part of the Americanway.
So, if you are an Entrepreneur or own a small business, is thedeck stacked against you? It may be but let’s change that here
and now. Yes, there are a lot of obstacles, it’s harder than iused to be to start a business and thanks to regulators it’s goingto continue to get harder. You can’t wait for the banks to loosenup. If small businesses are going to succeed they will need to domore than just hope or just complain about the government andwait for it to solve all problems.
Politicians don’t know much but they seem to have grasped thasmall businesses create more jobs than big businesses and thusare critical to the recovery. They know that small businesses aregetting squeezed — by the credit freeze, by out f control costslike health and unemployment insurance, and by cheap imports.
It’s the small business warriors who figure out how to get pasthe problems, how to find money even when it’s tight, how to findopportunity among the mounds of destruction and how to findnew ideas. They have to continue to believe that they can doanything. And we need to do our part and get out there andsupport all these new changes and make them better and keeplooking for new and more creative ways to win this battle.
It’s time for “critical, creative thinking!” If you have aCrowdfunding 911 moment to get the 411 go towww.crowdfundingeverything.com, hit either the “easy button” o“I need critical thinking” button.
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COLLABORATIVE CREDITS
Author: Michael Fugler, Chairman of EURO Financial Network – [email protected]
Michael is a global expert and speaker on Entrepreneurship. Michael delivers education, training and demonstrationworkshops on how to go from an idea on a napkin to a stock exchange listing and all the steps in between. He hasdeveloped the Business Mastery System for Entrepreneurs teaching how to find capital around the world. Whetherseminars, webinars, panels, speaking engagements, or public appearances Michael gives an overview of the vision
and the knowledge which will give you a clearer understanding of how to develop your “Master Plan” using technology and social mediain shaping your client acquisitions and relationships in this new economy and our changing world, ending with how to develop and
present your “killer” client presentations that will move clients to action.
Michael has been a licensed Attorney for 38-years developing an expertise in international law and finance, international investmentand merchant banking. He has also been an Investment Banker for the past 16 of those years being FINRA registered with Series 724, 63, and 79 licenses and establishing offices and providing extensive consulting and guidance to institutional investors throughouEurope and the USA and now Asia.
Advisory Board Member at GLX, Inc.“Critical, Creative Thinker,” Investment Banker, Attorney at Law – www.michaelfugler.com “Rainmaker”, Board of Directors, ASG Securities, Inc., www.asgib.com “Global Networker”, Chairman, EURO Financial Network, Inc., www.eurofinancialnetwork.com Immediate Past Deputy Chairman, Current Chairman Education Committee, European Life Settlement Association (ELSA),www.elsa-sls.org “Workhorse”, “Head of Problem Solving”, Head of Global Capital Markets, Welcome Life Financial Group, Global Expert inLongevity Markets, Life Settlements – www.welcomelife.com Real Estate Investment Securities Association (REISA), Head of “Creative Thinking” and member REISA Conference PlanningCommittee – www.reisa.org Advisory Board, Financial Services Exchange (FSX), Genius Panel Creator – www.fsxone.com Chairman Advisory Committee to the Board and Chairman, Past Chairmen's Committee, “Chief Strategist,” NationaInvestment Banking Association (NIBA) – www.nibanet.org
Contributed Quotes: David Drake, Chairman of LDJ Capital – [email protected]
David Drake, co-founder of the TSL Capital Creation Event Series and founder and Chairman of LDJ Capital in NewYork City, has been involved in technology media and telecom (TMT), traditional and renewable energy, projectfinance, real estate, infrastructure and equity and debt financing for over 20-years. Mr. Drake’s proclivity into EnergyEfficiency and Real Estate intercorrolate directly with the technology segments of TMT investment strategies and
clients of LDJ Capital. His network of accessing financing extends all continents from hedge funds, high net-worth investors, Sovereign
Wealth Funds, private equity firms, family offices to institutional pension funds, fund of funds and fund of hedge funds. Thegeographical capital market access is in, but not limited to, US markets and London with exceptional relationships and focus throughregular road shows to Amsterdam, Abu Dhabi, Dubai, Bahrain, Doha, Zurich, Geneva, Frankfurt, Hamburg & Hong Kong. Partneroffices are located in Zurich, New York, and Singapore.
For charity, Mr. Drake hosted the Harvard Club and Boston Symphony performances at his house and sat on the advisory board ofBest Buddies Charity for autistic kids. Mr. Drake has been behind raising $250,000 in charity donations through his produced CarnegieHall concert series.
Mr. Drake speaks 6 languages and holds Bachelor’s Degrees in both Chemistry and Marketing from the American University inWashington, D.C. Mr. Drake holds an MBA in Finance and an MA in International Law and Economics from George WashingtonUniversity where he was awarded the Wallenberg Scholarship for academic merit.
Advisory Board Member at GLX, Inc.Founder & Chairman of LDJ Capital
Co-Founder of the TSL Capital Creation Event Series
Contributed Quotes: Dara Albright, Founder of NowStreet Media – [email protected]
Dara Albright is the founder of NowStreet Media, voice for the rapidly emerging private company marketplace and co-founder of The SoHo Loft Capital Creation Event Platform. Through its media, event production and consultingdivisions, NowStreet Media is pioneering a number of innovative products and services designed to augment thegrowth of this young vibrant marketplace as well as enhance overall capital formation. NowStreet Journal provides
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valuable information, including news, analysis, and insight into the private company marketplace and the companies driving it. Basedon an original hypothesis that directly correlates innovation in mass media with stock market growth, NowStreet Journal highlights thedynamic economic impact of a purely growth marketplace emerging during the most remarkable period of innovation in mass media.
Prior to founding the NowStreet properties, Dara has held a distinguished 19 year career in investment banking, investor relations andinstitutional equity sales. She has organized and managed hundreds of road shows and conferences for Wall Street’s elite. She hasworked closely with a number of institutional and accredited investors providing investment and trading strategies as well as restrictedtransaction services. Dara has helped raise financing for companies across the globe in a variety of industries at various phases androllouts. Her work has included extensive IPO road show execution and counseling newly public companies in the after-market. Priofirms she worked for include: Unterberg Towbin, Morgan Stanley Dean Witter, Divine Capital and Citigate Dewe Rogerson.
Dara is a graduate of the George Washington University. Dara holds securities industry Series 7, 24, and 63 licenses.
Advisory Board Member at GLX, Inc.Founder of the NowStreet JournalCo-Founder of the TSL Capital Creation Event Series
Executive Editor: Ronald P. Russo, Jr., Founder of GLX – The Global Listing Exchange – [email protected]
Ronald is the founder of World Market Media and GLX - The Global Listing Exchange. He has been an entrepreneurand an active member of the small-cap, private equity and investment banking communities for more than 19-yearswith key roles in brokerage operations and management, as well as strategic consulting and investment banking foemerging growth companies. Prior to founding World Market Media and GLX he held various FINRA licenses including
the Series 7, 63, 24 and 27.
Ronald began a career on Wall Street in 1993 as a registered rep on the sell side of the retail industry. In 1995 he had the opportunityto travel to Los Angeles and fill a management position in operations for a small regional broker/dealer. In 1997 Ronald began raisinginstitutional private equity for small-cap publicly traded companies (PIPE’s). In 1998 he founded Silicon Alley Capital Managementwhere he advised and helped fund many internet / new media start-ups in New York City. In 2002 he re-entered the PIPE markeparticipating in more than two dozen transactions until 2008 when he exited to start World Market Media.
Ronald graduated from St. John’s University, Queens, NY, with a Bachelor of Science, Business Administration in 1993.
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provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors shouseek financial advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this report and should understand that statements regardinfuture prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that price or value of such securities and investments may rise or fall. Pa
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