Thats because you are looking for the wrong thing.
Companies and individuals get fined and sanctioned for non-exempt offerings of securities all the time all day every day.
Non-exempt means that the issuer either didn't bother to care, or tried to comply with a registration exemption but failed. One way of failing is the inclusion of non-accredited investors. Depending on the exemption being leveraged.
No sanction will say “aha we found non accredited investors” it will just say the exemption wasn't used correctly.
Sometimes its just a fine.
Sometime the sanction is proper registration and financial reporting like a publicly traded company has to. This is often a death knell to small issuers due to the time and expense of ongoing compliance as well as unsavory information that deters future investment, which is why so much energy goes into avoiding it, even in VC backed companies which now aim to go public at the end of their growth cycle.
And in egregious cases the company and individuals behind it will have a criminal securities fraud and wire fraud charge.
Its not because a “poor person” lied. You really have nothing to worry about.
As I detailed to the other person I was replying to, you won't find that. Try to re-read what I wrote.
If you are looking for that you are looking for the wrong thing. If you are on the fence about trying to qualify for a private investment because "law" its not your problem.
But if you are issuing an investment, it definitely is your problem.
A sanction from the regulator will say that the issuer "sold to investors without registering the security with the regulatory body" or "without an applicable exemption", because the issuer tried to rely on an exemption but the regulatory disagreed. Not all the reasons that the regulator disagreed will be stated.
Sorry man, not everything that occurs and why it occurs is on Google for your independent review. You just have to talk to people, and lawyers, and come to an average-right conclusion.
Maybe there is some blog somewhere about someone talking about their fine from the SEC or a case study, but its unlikely because people don't want to out themselves like that, or typically settlements (in general, not necessarily with regulator) bar people from talking about them.
"sold to investors without registering the security with the regulatory body" I knew you would say that, because there are countless judgements against companies to be easily found with that exact scenario. That's actually not the same situation as finding out a non accredited individual was allowed to purchase a security in a private offering. And "without an applicable exemption" is too vague and can mean anything. No way to know.
I get the gut feeling that the SEC doesn’t have the audit capacity to focus on the likely smaller deals where non accredited people lie.
Please share any cases you’ve found