My Prosper.com experience

After lendingclub being shut down i did a little digging here http://straylight.law.cornell.edu/uscode/html/uscode15/usc_sup_01_15_10_2A_20_I.html

I am considering sending a registered letter requesting PMI to repurchase all the unregistered securities they sold me.After reading a few laws,i believe they sold me illegal securities.I am not a lawyer,but i do plan to consult one.

 I also wouldn't be suprised to see PMI shut down or be shut down soon.Lend with Caution!!!

http://straylight.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00000077---b000-.html

The term “security” means any note, stock,
treasury stock, security future, bond, debenture, evidence of
indebtedness, certificate of interest or participation in any
profit-sharing agreement, collateral-trust certificate, preorganization
certificate or subscription, transferable share, investment contract,
voting-trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, any
put, call, straddle, option, or privilege on any security, certificate
of deposit, or group or index of securities (including any interest
therein or based on the value thereof), or any put, call, straddle,
option, or privilege entered into on a national securities exchange
relating to foreign currency, or, in general, any interest or
instrument commonly known as a “security”, or any certificate of
interest or participation in, temporary or interim certificate for,
receipt for, guarantee of, or warrant or right to subscribe to or
purchase, any of the foregoing.