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The SEC hit Silicon Valley lender Prosper with a $3 million fine for inflating its returns to ‘tens of thousands of investors’

Jay Clayton, Chairman of the Securities and Exchange Commission, listens during an interview with CNBC at the Sandler O'Neill + Partners Global Exchange and Brokerage Conference in New York.

  • The Securities and Exchange Commission on Friday said the online lender Prosper would pay a $3 million penalty for inflating returns to investors.
  • Prosper told more than 30,000 investors that its returns were higher than they actually were, the SEC said in a release.
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The Securities and Exchange Commission said on Friday that the online lender Prosper Funding LLC will pay a $3 million penalty for “miscalculating and materially overstating annualized net returns to retail and other investors.”

Prosper’s actions, according to the SEC’s findings, came despite investor complaints and Prosper’s knowledge the company “no longer read more >>>

Source:: BusinessInsider.Com