SoMoLend reaches settlement with state, but business may not recover

Candace Klein's hearing still set to start Feb. 19

SoMoLend Holdings reached a settlement with the state of Ohio’s Division of Securities this week. But one investor said it comes too late to save the business.

In a settlement agreement dated Feb. 10, the Cincinnati-based crowdfunding company agreed to stop all the business practices that triggered a June 14, 2013 notice from the state that brought the company’s promising future into question.

WCPO Insiders can read the settlement, comments from an investor and the status of the state's allegations against Candace Klein, SoMoLend's founder and former CEO.

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