SoMoLend Founder Settles Fraud Charges in Ohio

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People are charged with fraud offenses every day. However, fraud can be a tricky offense. Many times what appears to be a case of fraud is actually the result of honest mistakes or misunderstandings. Sometimes those in a position to commit such offenses are not even aware that what they are doing is incorrect. Likewise, sometimes fraud can involve individuals that cover their tracks and make others look like the guilty party. The bottom line is that fraud cases can be complicated and they are not always as they appear to be on the surface.

The founder of an online social lending platform, called SoMoLend has reportedly settled the fraud allegations brought against her by the state of Ohio. According to court documents, the Ohio Divisions of Security alleged that Candace Klein and her company, committed securities fraud. Reportedly, Ms. Klein and her company were not legally registered to sell securities among other infractions. According to the allegations, the Ohio Divisions of Security also alleged that the company committed several other offense, including making false financial projections, lying about current and past performance and making false statements about business relationships.

According to reports, the state originally settled with the company in 2014 and later agreed to a separate settlement with Ms. Klein in 2015. According to court papers, the settlement requires Ms. Klein to pay the state $5,000 and also admit that she was guilty of misleading investors by exaggerating the company’s actual revenue projections. The terms of the settlement also included the state dropping an additional fraud charge against Ms. Klein. The case now appears to be closed and Ms. Klein has since moved from Ohio and taken a different role with another company.

Anyone in this kind of situation can appear to be guilty, but that doesn’t mean they are. Being charged is not the same as being convicted and everyone deserves the right to a fair trial. However, in many cases, like this one, a defense attorney might be able to get a lesser charge by agreeing to a settlement, and avoid a trial altogether. In any case, if you are facing fraud, or similar charges, you need to act quickly and seek the help of a knowledgeable Dayton defense attorney as soon as you can. At The VanNoy Firm we represent people who are facing all kinds of criminal charges. We understand how to best defend our clients as we seek the best possible legal results. Please contact us in Dayton at 937-952-5043, or click here.



About The Author

Anthony S. VanNoy

Trial Attorney

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