Raising money for the equity of your company is an area that is heavily regulated by both Federal and State securities laws, and the purpose of securities law is to protect unwitting investors from themselves, essentially.
There are probably over 100 years of law in the United States in this area, and again, this is an area in which an entrepreneur very much needs the advice of an experienced lawyer who can steer the entrepreneur into the legally acceptable channels of raising money.
This area is quite complex and is in a significant state of flux right now.