Careful not to equate the presence of false negatives with the absence of true positives. Just because there are accredited investors who were tricked doesn’t mean that there wouldn’t be even more unaccredited investors who could have been tricked.
Of course there will be more tricked unaccredited investors because there will be more of them and government can't guide the hand. My point is that the accreditation rule is moot, regardless of income level.
