Brocon is proceeding with a Tier 1 Regulation A offering of common stock that will include a large number of investors who are not accredited. One of the likely investors is Carl, whose annual income as a high school teacher is $60,000. Carl is a friend of one of Brocon's officers. Carl has no investing experience but is interested in purchasing $20,000 of stock in the offering. Is there anything about Carl that should concern Brocon? What if it is a Tier 2 offering?