Tagged: candace klein

Brief: Administrative Hearing For Candace Klein Postponed (Again) Until June

Candace Klein (NYTimes.com)

An administrative hearing for former SoMoLend CEO Candace Klein has been postponed yet again, this time being pushed back to June. The hearing was scheduled to continue today. This continues a trend of delays during the hearing. SoMoLend was served a notice of intent to issue a cease & desist in August of 2013. This led… Read More

Ohio Securities Commission v. SoMoLend: Is the (Blue) Sky About to Fall?

Ohio Means JOBS? Here Lies SoMoLend

On February 19, 2014, in a missive to the SEC, signed by 18 state securities administrators,  under the letterhead of the North American Securities Administrators Association (“NASAA”), the message was clear: “[we] write to voice our objection to the Commission’s attempt to preempt state authority over small corporate offerings through its Proposed Rule Amendments for… Read More

UPDATED – Administrative Hearing Begins For Candace Klein; Klein Lawyer: “The company’s out of business.”

Cease and Desist Somolend

The first day of Candace Klein’s highly-anticipated hearing is in the books. In what could be a watershed moment for crowdfunding in the State of Ohio, the Ohio Division of Securities is squaring off against Klein. The backdrop: a notice of intent to issue cease and desist order filed in August of 2013 alleging Candace… Read More

SoMoLend Settles with State of Ohio

Cease and Desist Somolend

Somolend, a high profile crowdfunding startup, has settled with the State of Ohio over allegations by the State the company had transgressed state securities laws.  The company was previously led by Candace Klein, who had become one of the leading champions for the fast growing crowdfunding industry.  SoMoLend is a peer-to-peer lending company that facilitated… Read More

Ohio Division of Securities Hearing of SoMoLend Founder Candace Klein Postponed

candace klein

According to reports, the hearing scheduled by the Ohio Division of Securities with former SoMoLend CEO Candace Klein has now been postponed until late February 2014.  This is the second postponement for the Cease and Desist notice which was originally filed by the state of Ohio back in August 2013. The Ohio Division of Securities… Read More

SoMoLend, Ohio Securities Division Hearing Postponed Until January

somoLend-2_copy

SoMoLend and the Ohio Division of Securities have been on a crash course since a notice of intent to issue a cease and desist was filed back in August of 2013. The hearing, originally scheduled for this week, has been postponed until January according to Cinicinnati.com. According to the notice, grievances include allegations that Candace… Read More

Ohio Securities Commissioner Andrea Seidt Named NASAA President… Here’s What That May Mean For Crowdfunding

andrea-seidt-nasaa

Ohio Division of Securities Commissioner Andrea Seidt is now acting President of the North American Securities Administrators Association (NASAA), the “oldest international organization devoted to investor protection.” She was previously Vice President of the NASAA. She replaces A. Heath Abshure of Arkansas as President of the Association. The Ohio Division of Securities filed a notice… Read More

Angel Investors Share Concerns With SEC Ahead Of General Solicitation

aca

Yesterday the SEC held a meeting of top advisors and staff to discuss the latest rulemakings and initiatives from within the Commission. The Angel Capital Association was invited to speak on a new rule to go into effect on September 23rd that lifts the ban on general solicitation for private placement offerings under new Rule… Read More

Preparing for (Regulation) D-Day

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September 23, 2013, represents an historic milestone for the U.S. securities industry. For the first time since the enactment of federal legislation in 1933, companies will be allowed to publicly solicit investors and advertise the sale of securities without registering the offering with either the SEC or any state if certain requirements are met –… Read More

The Top 10 Crowdfunding Stories Of The Last Year

Crowdfunding

Today marks one year to the day since we launched Crowdfund Insider. We launched with a simple goal: to help educate people from all walks of life about the crowdfunding space. Whether you own a crowdfunding company, have launched a project or are just passing through, we hope we’ve been able to accomplish that goal for… Read More

Charles Sidman: State Of Ohio Applying “Selective Enforcement” To SoMoLend, Candace Klein

fraud

Charles Sidman has composed the following letter addressing the State of Ohio’s recent actions against SoMoLend and Candace Klein and has shared it for dissemination. Sidman’s bona fides are listed at the bottom of the letter, including his status as an investor in SoMoLend and his role as a Board & Executive Committee member of CFIRA…. Read More

SoMoLend Investor: Laws In Place Today “Don’t Apply To Startup Companies”

somoLend-2_copy

Cincinnati, Ohio ABC affiliate WCPO recently did a report on Candace Klein and SoMoLend. Included in the report was an interview with Ian Edwards, who identified himself as an investor in SoMoLend and a former VP at Proctor & Gamble. He says that Klein may have “overpromised and underdelivered,” but clarifies that it is a… Read More

Candace Klein Out As SoMoLend CEO Amid Questions Of State Motivations

somoLend-2_copy

Candace Klein has stepped down as CEO of SoMoLend. Klein was recently the subject of a notice from the Ohio Division of Securities in relation to fundraising efforts and business dealings on behalf of lending-based crowdfunding platform SoMoLend. Klein says that her decision was made because “what SoMoLend is trying to accomplish is more important than… Read More

Associates Of Candace Klein Speak Out On SoMoLend, Fraud Allegations In Ohio

ohio state legislature

Allegations by the Ohio Division of Securities reverberate through the entrepreneurial class & the crowdfunding industry Candace Klein has been an extremely visible figure in the world of crowdfunding. Beyond her role as CEO of lending-based platform SoMoLend, she is also the former chair and one of the cofounders of the Crowdfund Intermediary Regulatory Advocates… Read More

SoMoLend In Hot Water: Allegations Of Securities Fraud From Ohio State Regulators [UPDATE]

somolend

UPDATE: The city of Cincinnati is suspending its relationship with SoMoLend pending resolution to the case described below. SoMoLend previously had a partnership with the City in order to facilitate loans for local businesses. Cincinnati.com is reporting that Ohio’s Division of Securities is investigating SoMoLend for fraudulent activity and is threatening to shut the lending-based platform… Read More

The Dos and Don’ts of Crowdfunding: A Recap of the Crowdfunding Panel at Internet Week NY

Photo courtesy jamescridland on Flickr

Recently, the use of crowdfunding has skyrocketed, increasing 81% in funds raised between 2011 and 2012 across the 308 platforms according to the Crowdfunding Industry Report by Massolution. Crowdfunding is an alternative financing method where collective effort of individuals supports and funds the initiatives of other individuals or companies. Projects funded can vary from movie… Read More

ICYMI Future of Crowdfunding Panel from SXSW (Video)

Future of Crowdfunding SXSW13

The Future of Crowdfunding Panel at Startup America LIVE SXSWi13 Startup America chairman Steve Case, Sen. Mark Warner, Crowdfund Capital Advisors’ Jason Best, SoMoLend’s Candace Klein, and IndieGoGo’s Slava Rubin talk about the benefits and legal hurdles of crowdfunding.

Today’s Crowdfunding Session from Milken Institute (Video)

Milken Institute Panel on Crowdfunding

Above is the video from today’s session at the Milken Institute entitled; Crowdfunding: Decentralizing, Disintermediating, Disrupting. Panelists included: Chris Brummer, Senior Fellow, Milken Institute; Professor of Law, Georgetown University Law Center Candace Klein, Founder and CEO, SoMoLend Benjamin Miller, Co-Founder, Fundrise Babak Nivi, Co-Founder and President, AngelList Danae Ringelmann, Co-Founder, Indiegogo Moderator: Daniel Gorfine, Director,… Read More