Misnamed JOBS Act Already Leading To Financial Shenanigans

The so called “JOBS Act” was passed by Congress and signed by President Obama in April in an attempt to spur small business start ups and job creation. At the time, many critics warned that the bill will “simplify fraud” rather than creating jobs. And already, according to the Wall Street Journal, “basically empty shells with almost no employees that are used in mergers or as a backdoor route to U.S. stock listings, have been quick to identify themselves in regulatory filings as ’emerging growth companies,'” taking advantage of the JOBS Act to avoid regulatory scrutiny.