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Economy and Business


Reps. support JOBS Act bill for start up businesses
Democrats and others are critical of the bill being a scheme
by WKSU's GRANT ENGLE

Reporter
Grant Engle
 

Republicans are pushing a bill they say will help generate the kind of investments that get entrepreneurial businesses going in America. But some Democrats and other critics are cautioning that the Jumpstart Our Business Startups, or JOBS, Act needs more protection for investors.

And criminal charges, like those against Steven Barkus and Michael Lombardo, underscore that.  The two California men were convicted late last month of conspiracy and securities fraud stemming from their phony startup in Northeast Ohio.

The Justice Department says Barkus secured investments from people he befriended and members of a church.  

Jonathan Witmer-Rich (WHITT-mer RICH) is a law professor at Cleveland State University. He says investors should be alert to warning signs before giving money to a startup.

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Witmer-Rich says the idea of investing in small businesses and helping America succeed sounds great, but people cannot afford to  underestimate the value of research. Barkus and Lombardo are scheduled to be sentenced May 29.

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