SEC News: Silicon Valley Company, Prosper, Settles Fraud Charge for Misstating Returns to Investors

21Apr - by Editor - 0 - In STL.News

Washington DC (STL.News) – The Securities and Exchange Commission Friday announced that Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to retail and other investors.

San Francisco-based Prosper is a marketplace lender that, through its website, offers and sells securities linked to the performance of its consumer credit loans.  According to the SEC’s order, from approximately July 2015 until May 2017, Prosper excluded certain non-performing charged off loans from its calculation of annualized net returns that it reported to investors. 

Continue reading SEC News: Silicon Valley Company, Prosper, Settles Fraud Charge for Misstating Returns to Investors at STL.News.

Source link