After an Arkansas regulator spotted the websites, it contacted Mr. Rea, who agreed to make it clear on the site that he isn't selling shares.

WSJ: Crowdfunding Efforts Draw Suspicion

Heath Abshure, the Arkansas securities commissioner and president of the association of securities regulators, said he decided not to take enforcement action because of Mr. Rea's cooperation and lack of sales, as well as the fact he didn't appear to intend to break the law.

WSJ: Crowdfunding Efforts Draw Suspicion