How Fundrise, Crowdfunding’s Most Celebrated Startup, Cherry-Picks its Numbers

December 8, 2015 – Media Mention
The Real Deal

Richard Morris was quoted in The Real Deal regarding the real estate crowdfunding website Fundrise. The company recently launched a non-listed mortgage REIT regulated under Series A of the JOBS Act, which allows investors to buy shares online without having to go through a registered broker-dealer and used general advertising to solicit investments from non-accredited investors. Morris commented on the next phase of this innovative method of securities distribution. “What might be interesting as more and more general solicitations are being done in a public way is the next question, which is what other consumer type of laws might be applicable.” He added, “Down the road there will be people who don’t give robust advertisements and more or less tease people. If people started doing that you can imagine states and the SEC coming together to give more specific advertising rules on a stand-alone basis.”