The Ohio Department of Commerce's Division of Securities is investigating Cincinnati startup lender Social Mobile Local Lending (SoMoLend) and its CEO for, among other things, "making fraudulent financial projections; false and misleading statements regarding current and past performance; and false and misleading statements about [the company's] relationships with banks and other institutions," Cincinnati Enquirer reports. The company's CEO, Candace Klein, is a well-known advocate for "relaxing rules around crowdfunding equity investments," which are designed to enable startup companies to receive funding from investors who, in turn, receive a small stake in the company. The state will "not issue a final order until after a hearing scheduled in October," the article said. For more, read the full story.
Ohio's Commerce Division is investigating SoMoLend for allegedly making false and misleading statements
