Somolend’s Investors To Regulators: ‘Where’s The Beef?’

In a surprising move today, Somolend investor Carlin Stamm issued a written statement figuratively asking, “Where’s the beef?”

The statement reads, in part:

Recent news reports have indicated investors were somehow misled by the leadership of SoMoLend into investing into this important company.  From my perspective as an investor in SoMoLend, nothing could be further from the truth. SoMoLend’s investors were fully aware of the risks and rewards of investing in this startup company and were in no way misled by Candace Klein.  SoMoLend’s investors have received regular updates, detailing company’s financial results and continue to believe in the mission and viability of the company’s business model.  I am greatly concerned about what we believe to be unfounded allegations of fraud against the company by the state of Ohio.  To my knowledge no investor complaint has been lodged against SoMoLend.  If the investors don’t believe they were misled or harmed, where is the fraud?

On June 14, 2013, Ohio regulators issued a “Notice of Intent to Issue a Cease and Desist Order” that alleged Somolend had engaged in a variety of securities law violations, including making a “general solicitation” and “securities fraud.”

Stamm asserted by email that “I know as a fact that no one [among the investors in Somolend] had a complaint.”

Speaking on behalf of the investors, Stamm, indicated that they do not feel that they have been harmed by Somolend’s conduct nor by the CEO, Candace Klein’s. On the other hand, they feel they have been harmed by the regulator’s actions.

Read Full Article on Forbes

[Source: Devin Thorpe @ Forbes]


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