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Crowdfunding: An Overview

Crowdfunding: An Overview
Product Code - LGN221
Speaker(s): Sara Hanks, CrowdCheck; Huiwen Leo, CrowdCheck
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The concept of crowdfunding allows large, varied groups of individuals to pool their resources to support new initiatives or efforts. With its increasing use via the Internet, some questions have been raised about its regulation or the lack thereof.

Attending this program will allow participants to gain a deeper understanding of crowdfunding and how it may perhaps benefit their clients. The faculty will discuss how to advise clients about creative ways to obtain financing for their businesses, whether through crowdfunding or through side-by-side unregistered offerings; how to protect themselves from common pitfalls including liability for misleading statements or omissions; and how to advise potential investors such as angels or venture capitalists or acquirors who are interested in companies that have obtained initial funding through a crowdfunding round.

The faculty will also discuss the implications of this potential major change in securities laws, how to protect investors, and how to bring related litigation for misleading statements or omissions.

Educational Objectives

• Understand the crowdfunding rules of the JOBS Act and the proposed SEC rules collectively known as “Regulation Crowdfunding.”
• Learn how these new changes fit into the framework of existing securities laws.
• Discover how crowdfunding fits into the fundraising strategy of small business.
• Find out about the impact of crowdfunding on existing capital-raising strategies, such as venture capital and mergers and acquisitions, and creative strategies with crowdfunding, such as side-by-side raises.

Who would benefit most from attending this program?

Securities law and ligation practitioners; attorneys who advise their clients about alternative investments; corporate attorneys, and telecommunications and Internet law practitioners.

Program Level: Basic-Intermediate

Credit Available: CLE. For additional information, please see the “CLE Credit” tab.

Sara Hanks, CrowdCheck; Huiwen Leo, CrowdCheck

Sara Hanks, CrowdCheck
Sara Hanks, CEO and Co-Founder of CrowdCheck, is an attorney with more than 30 years of experience in the corporate and securities fields. Her most recent position was General Counsel of the bipartisan Congressional Oversight Panel, the overseer of the Troubled Asset Relief Program (TARP). She formerly served as Senior Partner at Clifford Chance, where she advised on capital markets transactions and corporate matters for companies performing business in Asia, Africa, Europe and Latin America. She also served as Chief of the Office of International Corporate Finance at the Securities and Exchange Commission, where she led the team drafting Regulation S, the rules governing how non-U.S. companies access the U.S. capital markets.

Ms. Hanks brings a wealth of legal expertise in securities and start-ups to the emerging marketplace for crowdfunding and other online offerings. Her new company, CrowdCheck, helps entrepreneurs through the disclosure and due diligence process, giving online investors the information they need to make an informed investment decision and avoid fraud.

Ms. Hanks earned a law degree from Oxford University, is a member of the New York and D.C. bars, and is a Solicitor of the Supreme Court of England and Wales.

Huiwen Leo, CrowdCheck
Huiwen Leo, Director of Investor Services at CrowdCheck, is a corporate and securities attorney. She began her career at the World Bank, where she focused on private sector development issues. She then joined the New York office of Clifford Chance, where she advised on capital markets transactions and corporate matters for companies and major investment banks in Asia, Europe and Latin America. She also worked in the San Diego office of Latham & Watkins, where she advised clients on start-up financing and multi-million dollar transactions.

Ms. Leo earned an LL.M., with distinction, from Georgetown University Law Center and an M.A. and a B.A. from Cambridge University. She is a member of the New York and California bars.

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York*, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator.

Hardship Policy
For information regarding Bloomberg BNA’s Hardship Policy, please visit the Continuing Education Information page.

For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at

*Bloomberg BNA is an accredited provider in New York for experienced attorneys only.