Tagged: cfira

CFIRA Hosts Educational Session on General Solicitation


The Crowdfund Intermediary Regulatory Advocates (CFIRA) hosted an educational session on crowdfunding last week (March 20) where they addressed the topic of General Solicitation (Advertising) for 506(c) private placements.  The panel discussion included a slide show plus several crowdfunding luminaries including: Sarah Hanks – CrowdCheck Daniel Gorfine – Milken Institute DJ Paul – Gate Global… 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

Congressman McHenry Interviewed for Crowdfund Global Expo (Video)

Congressman Patrick McHenry

Congressman Patrick McHenry (R-NC), viewed as one of the leading legislative voices advocating the benefits of crowdfunding, was interviewed last week as part of the Crowdfund Global Expo held in San Diego January 30-31, 2014.  DJ Paul, Crowdfund Intermediary Regulatory Advocates (CFIRA) Chair and Andrea Downs, CEO of Coastal Shows the event organizer, jointly discussed… Read More

EarlyShares: Title III Crowdfunding Infographic


Equity crowdfunding platform EarlyShares provided the following infographic outlining some of the facts and estimates behind Title III of the JOBS Act. Title III aims to legalize equity crowdfunding for non-accredited investors. Rules for the new exemption (Seciton 4(a)(6) of the Securuties Act) were proposed in October of this year. RELATED | THEY’RE HERE: SEC’s Proposed… Read More

Kingdom Trust Wants to Become Leader in Crowdfunding, Announces Hire of James Jones

James Jones

James A. Jones has been hired as Kingdom Trust Company’s new Vice President of Business Development as part of their strategy in targeting the crowdfunding industry with self-directed IRAs.  The Kingdom Trust Company is an alternative asset custody provider.  Jones, a board member of the Crowdfunding Intermediary Regulatory Advocates (CfIRA) is a recognized speaker and… Read More

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


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

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

Burdensome Regulations Cited As Risk To Equity Crowdfunding


A. Brian Dengler of CfIRA posted a comprehensive breakdown of a paper released by two professors of economics and management at Kaunas University of Technology, Lithuania. Crowdfunding, as an innovative capital formation strategy and investment possibility, has both supporters and skeptics. In order to investigate and evaluate the new phenomenon of crowdfunding, qualitative evaluation is invoked. SWOT… Read More

Breaking Down The 2013 Crowdfunding World Summit

crowdfunding world summit

Mark Perlmutter is organizing the 2013 Crowdfunding World Summit, a two week online event that will bring crowdfunding experts from all over the world together for a comprehensive series of interviews discussing the history, current context and future path of crowdfunding. Crowdfunding enthusiasts and interested parties can register for the event at CrowdfundingWorldSummit.com. Registration is… Read More

Dr. Richard Swart To Head Crowdfunding Research At UC Berkeley

Fung Institute

Dr. Richard Swart has been appointed as Director of Research overseeing the policies, best practices and innovation in entrepreneurial finance at the University of California, Berkeley. The Program for Innovation in Entrepreneurial and Social Finance, directed under the College of Engineering’s Fung Institute, seeks to examine the evolution of crowdfunding and other social-finance models. Dr. Swart… Read More

Crowdfunding Stakeholders Pressure House, SEC To Act


Yesterday the Crowdfund Intermediary Regulatory Advocates (CfIRA), an industry group representing crowdfunding intermediaries, submitted a letter to the House Subcommittee on Oversight and Investigations urging those frustrated with inaction to apply pressure to those who have the power to enact change. This letter precedes tomorrow’s hearing in front of the same subcommittee. Last week a… Read More

Crowdfunding Stakeholders Leave DC Optimistic, Wanting Action

SEC Small Business Capital Formation 2012

According to sources in the crowdfunding industry who were present for yesterday’s meetings in Washington, there is reason for cautious optimism in regards to Title III implementation. The message from the industry was clear; We’ve examined the problem domain and we’re ready to go, but we need this important piece of legislation to go into… Read More

What is a Security in the Crowdfunding Era?


With the advent of equity crowdfunding, a Tennessee University Law Professor Joan MacLeod Hemingway suggests it may be time to rethink the structure of financial and financially regulation in the United States and to look at the bigger picture of how crowdfunding and other hybrid investment properly fits into a reformed, regulatory scheme. In an article entitled “What is… Read More


Kim Wales founder of Wales Capital

“CFIRA welcomes the SEC’s approval of FINRA’s Form for Funding Portals. We see this as a very positive and proactive sign that both agencies intend to prioritize rule making on the JOBS Act. This information request is the first public and meaningful step toward developing rules and the implementation of securities-based Crowdfunding,” says DJ Paul… Read More

CFIRA Optimistic About Crowdfunding Timeline


Earlier this week FINRA invited prospective Crowdfunding portals to voluntarily file an interim funding portal form. The Crowdfund Intermediary Regulatory Advocates (CFIRA) and sister organization the Crowdfunding Professional Association(CfPA) have conducted a thorough review of the FINRA Registration Process Inquiry form for Crowdfunding Portals, and are optimistic about the progress that is being made toward the implementation of Title II and Title III… Read More

Bi-Partisan Group Pushes JOBS Act


Washington, D.C. – December 11, 2012 – Senators Jeff Merkley (D-OR) and Michael Bennet (D-CO) urged Chairman Mary Schapiro of the Securities Exchange Commission to request that rules governing crowdfunding activities be issued quickly. Merkley and Bennet were lead sponsors on the CROWDFUND Act, which was passed on April 5, 2012 and legalizes the raising of… Read More

CFIRA Members Are Optimistic for Equity Crowdfunding in 2013


Despite news that the chair of the SEC will step down next month, CFIRA members remain optimistic that the SEC will formulate rules to govern equity crowdfunding under the JOBS Act by the end of 2013. Board members of the Crowdfund Intermediary Regulatory Advocates (CFIRA) made the comments during a webinar sponsored today on BrightTalk entitled “What… Read More

SoMoLend and GATE Global Impact Launch Strategic Lending Alliance


CINCINNATI and NEW YORK —While it remains difficult to obtain financing from traditional means, small business borrowers can now reach out to friends, family and other high net-worth individuals to secure financing through a newly formed partnership between two of the country’s alternative lending companies. Today, SoMoLend (www.SoMoLend.com) and GATE Global Impact (www.GATEimpact.com) formalized a… Read More

Trust Crowd Intelligence for Crowdfunding, CFIRA Urges FINRA

  CFIRA, a leading crowdfund investing coalition, has urged the largest independent securities regulator known as FINRA to embrace  “crowd intelligence” as FINRA develops a self-regulatory scheme for equity crowdfunding.  The Jumpstart Our Business Startups Act, signed into law on April 5, 2012, authorizes small businesses to raise up to $ 1 million per year through… Read More