Search Results for: somolend

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

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… Read More

SoMoLend Settles with State of Ohio

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… Read More

Ohio Division of Securities Hearing of SoMoLend Founder Candace Klein Postponed

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… Read More

SoMoLend, Ohio Securities Division Hearing Postponed Until January

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… Read More

SoMoLend and equity crowdfunding: What does this say about the industry?

The last few weeks have not been pretty for peer-to-peer lending platform SoMoLend. According to the state of Ohio, the company behind the platform (SoMoLend Holding LLC) may have have committed many instances of securities fraud. In response, the city of Cincinnati cut off the lending platform,… 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… Read More

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

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… Read More

Candace Klein Out As SoMoLend CEO Amid Questions Of State Motivations

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… Read More

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

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… Read More

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

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… Read More

9 Q&A: SoMoLend.com offers a unique way for small businesses to access crowdfunding

CINCINNATI – Cincinnati businesswoman and attorney Candace Klein is devoted to helping small businesses get the financing they need to grow. In 2011, she launched  SoMoLend (Social Mobile Lending), a crowdfunding site that allows small businesses to borrow money from friends, family and individual accredited investors. SoMoLend also works… Read More

SoMoLend Travels to Educate on Crowdfunding

SoMoLend CEO and Founder Candace Klein is traveling to several locations across the country this spring to educate small businesses and investors on crowdfunding in response to an increased demand for knowledge. “The demand is escalating for information on alternative access to capital, the ability… Read More

Crowdfunding Platform SoMoLend Raises $2.18 Million in Seed Funding

SoMoLend Holdings, a debt-based crowdfunding platform, announced today it has closed its $2.18 million seed-stage-funding round with the latest investment of $400,000 from QED Investors in Alexandria, Va. The investment will be used to further enhance the software platform, including the addition of social networking… Read More

SoMoLend Can Now Facilitate Loans Through Accredited Investors and Family and Friends

SoMoLend’s platform can service a broader range of borrowers and lenders to fuel small business growth CINCINNATI— While it remains somewhat 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…. Read More

SoMoLend Partners with City of Cincinnati to Support Small Business Growth

City of Cincinnati is the newest lender on the SoMoLend.com platform CINCINNATI—SoMoLend (http://www.SoMoLend.com/), a leading debt-based crowdfunding platform, and the City of Cincinnati have announced a new partnership to help Cincinnati, Ohio-area small businesses and entrepreneurs gain access to the funding they need to continue… Read More

SoMoLend to Host St. Louis Launch Event December 5 (Flyer)

SoMoLend to Host St. Louis Launch Event and Kick off SoMoLaunch Business Competition December 5 Event focused on small businesses and investors will feature a presentation on crowdfunding for small businesses and a Q&A session with SoMoLend founder Candace Klein ST. LOUIS, MO — SoMoLend, a… Read More

SoMoLend expanding in St. Louis, seeks entrepreneurs

Crowdfunding company SoMoLend is expanding in St. Louis with a contest aimed at generating more borrowers there. Over-the-Rhine-based SoMoLend, which connects entrepreneurs with investors, is hosting a launch party Dec. 5 at Washington University in St. Louis to kick off its efforts there. SoMoLend already… Read More

SoMoLend Announces New York Expansion

NEW YORK—In response to increased borrower and accredited investor demand on the east coast, SoMoLend, a debt-based crowdfunding platform headquartered in Cincinnati, has expanded to a second location in New York City. The expansion comes on the heels of receiving funding from NYC Seed, as… 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…. Read More

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