"In the United States, to be considered an accredited investor, a natural person must have a net worth of at least $1,000,000, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year, or must otherwise be a holder of a specific license in good standing."
replyOf course you can still lie but legally there is a line.
The accredited investor standard is higher then a basic test.
replyThe standard may be higher, but the implementation is "This is what it means to be accredited: are you accredited? By the way if you say no, I can't sell you the thing I've been trying to convince you to buy."
replyIf you had to take and pass a test, that might filter out more people; although I'm sure the seller would help you pass the test, so maybe not.
Is there really no enforcement? That seems, uh, bad?
replyGP didn't say test. They said "self-reported knowledge [about yourself]". Which is correct.
replythe accredited investor standard is, a checkbox
replyits purpose is simple. if you lose the money of sufficiently powerful people, as a middleman, the standard exposes you one more kind of legal jeopardy.