Digging Into a $344 Billion Investing Mystery

Preposterous claims in private investment offerings illustrate an important point about red-hot ‘Reg D’ securities: No one is checking to see if the details in these filings are even remotely true

Illustration: Alex Nabaum

For the cost of notarizing a single document—probably $10 or less—you can declare yourself one of the biggest financiers in history.

That’s about all it takes to file private investment offerings at the Securities and Exchange Commission under what’s called Regulation D. Judging by Form D filings purportedly made by a man named Stephon Patton, the SEC won’t stop you.

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