It's unscrupulous to mislead people who trust you with finances.
Bill is gathering financial and market information to put into a prospectus.
Bill wants to raise money from investors to expand his business.
Bill accurately reflects his current financial position in his correspondence with his investors.
Bill pads his current revenue numbers and omits some of his liabilities in the promotional materials.
Bill receives the required funding and expands his business.
Some of Bills investors lodge a complaint with the SEC.