Fintech lender Prosper to pay $3 million fine for misleading investors

 · Prosper, Lending Club and others have no retail branches, and the risk is passed onto investors. As more investors put money into these loans, interest rates have fallen as well. Prosper loans.

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Peer-to-peer lending company Prosper, which in November announced plans to launch a digital home equity line of credit product, has been slapped with a $3 million fine for allegedly misleading.

The P2P business model is starkly different from that of traditional banks and the opportunities posed by P2P lending may have significant impact on financial institutions. Read our full research "Money of the Future". Download PDF (20MB) Goldman Sachs is seeking potential recruits from peer-to-peer lenders including LendingClub and Prosper to bulk up its new online-loan business,

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Among other things,Tennessee attorney gets 33 months for embezzling $2 million from title company But the secrecy also left the archdiocese vulnerable to embezzlement. a month. fintech lender prosper to pay $3 million fine for misleading investors;. Mortgage Broker Vs Lender in College.

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Peer-to-peer lender Prosper Funding LLC settled SEC allegations of overstating returns to its investors for $3 million April 19. The fintech firm agreed to the fine to end a Securities and Exchange Commission probe accusing it of misleading investors about individual annualized net returns, the settlement said.

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Mr. Erb admitted misappropriating $3 million from 38 investors in connection with a scheme in which he promised to invest the money entrusted to him in accord with investor directives. In fact he used portions of the money for his personal expenses, lost other portions and tried to cover all this up with false earnings statements.

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