SoMoLend Likely Won’t Be Last Crowdfunder to Face Scrutiny
August 13, 2013 – Quotes & Mentions
The Business Courier
With the state of the U.S. economy on continued rocky soil, crowdfunding is becoming the next big thing, falling behind the ever-growing use of social media. Crowdfunding, or the funding of a project or venture by raising many small amounts of money from a large number of people, gained its popularity from The Jumpstart Our Business Startups Act of 2012. One such company, SoMoLend, has been accused of securities fraud and currently awaits a formal hearing. Dinsmore’s Steve Watts spoke to The Business Courier about the legal consequences crowdfunding companies might be faced with and why SoMoLend may be the first of many “crowdfunders” to face such allegations. Click the link below to read the full story.