Ohio Securities Commissioner Andrea Seidt Named NASAA President… Here’s What That May Mean For Crowdfunding

Ohio Division of Securities Commissioner Andrea Seidt is now acting President of the North American Securities Administrators Association (NASAA), the “oldest international organization devoted to investor protection.”

She was previously Vice President of the NASAA. She replaces A. Heath Abshure of Arkansas as President of the Association.

The Ohio Division of Securities filed a notice of intent to issue a cease & desist against SoMoLend, at least in part due to alleged fraudulent projections and other misgivings Candace Klein made on SoMoLend’s behalf. Candace Klein has since stepped down as SoMoLend CEO.

This sent shock waves through the crowdfunding industry as Klein had a prominent leadership role in the space. She is the former Chair of the Crowdfund Intermediary Regulatory Advocates (CFIRA), a group that lobbies on behalf of crowdfunding intermediaries.

Some questioned the State’s motivations in levying the notice against SoMoLend. There is a hearing scheduled for October 17th and 18th at which point we’ll find out more about the fate of SoMoLend and Klein.

Read more at Crowdfund Insider with Mr. Charles Luzar @CrowdfundInsider