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Urbi_et_Orbi
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« Reply #15 on: December 01, 2008, 05:34:47 PM » |
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So then where's the sanction (i.e penalty) for the regulators in all the states that allowed Prosper to "illegally" sell the "unregistered securities" and failed to protect investors (if that's their charter). It's not like Prosper didn't go state by state and ask them. 40+ states were all wrong on the same issue? That doesn't inspire confidence in the oversight organization. We all saw the process where initial Prosper was available to issue loans in some states and later in more...
That is certainly an interesting point. |
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bamalucky
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« Reply #16 on: December 01, 2008, 05:44:01 PM » |
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Sounds to me like this group is a blackmail group & didn't pass anything on to the duped investors..
Rainbow coalition?
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There are no stupid questions, just stupid people.
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Elmslice
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« Reply #17 on: December 01, 2008, 05:49:22 PM » |
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So then where's the sanction (i.e penalty) for the regulators in all the states that allowed Prosper to "illegally" sell the "unregistered securities" and failed to protect investors (if that's their charter). It's not like Prosper didn't go state by state and ask them. 40+ states were all wrong on the same issue? That doesn't inspire confidence in the oversight organization. We all saw the process where initial Prosper was available to issue loans in some states and later in more...
That is certainly an interesting point. A securities regulator would probably respond that they never "allowed" Prosper to do anything since Prosper never made any attempt to register their securities. To the extent that Prosper had state licenses, they were lending licenses only. Prosper made loans (either themselves or through a banking partner) which was all that their lending licenses allowed them to do. Prosper's interaction with the so-called "lenders" (i.e., us) was where they went wrong. When Prosper entered into an agreement to pay a portion of principal and interest on the loan to "lenders" in exchange for a payment/investment from the "lender," they created a security. Prosper never asked permission from any state or federal agency to do this, they just did it. |
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beerbud1
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« Reply #18 on: December 01, 2008, 05:55:00 PM » |
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This thread is Lobby worthy
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onthefence
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« Reply #19 on: December 01, 2008, 06:00:13 PM » |
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Sounds to me like this group is a blackmail group & didn't pass anything on to the duped investors..
Read the announcement again. http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/9906.cfmProsper also agreed to pay a fine totaling $1 million to the states. Those are government fines. This appears to be a slap on the wrist. They are not trying to shut prosper down (OK, maybe temporarily), but what they do want is proper abidance of the laws. |
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Mtnchick
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« Reply #20 on: December 01, 2008, 06:09:48 PM » |
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Who gets the $1M fine money and how is it distributed? I'm confused on this.......
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Classic comment from Urbi to a poster who said they were leaving:
"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.
I doubt anyone here gives a shit about you. We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."
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ira01
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« Reply #21 on: December 01, 2008, 06:16:49 PM » |
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Sounds to me like this group is a blackmail group & didn't pass anything on to the duped investors..
Read the announcement again. http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/9906.cfmProsper also agreed to pay a fine totaling $1 million to the states. Those are government fines. This appears to be a slap on the wrist. They are not trying to shut prosper down (OK, maybe temporarily), but what they do want is proper abidance of the laws. Instead of sucking up a million dollar fine (payable to the States), how about seeking restitution on behalf of the lenders. After all, we are the "victims" of Prosper's illegal activities. |
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beerbud1
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« Reply #22 on: December 01, 2008, 06:20:17 PM » |
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Sounds to me like this group is a blackmail group & didn't pass anything on to the duped investors..
Read the announcement again. http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/9906.cfmProsper also agreed to pay a fine totaling $1 million to the states. Those are government fines. This appears to be a slap on the wrist. They are not trying to shut prosper down (OK, maybe temporarily), but what they do want is proper abidance of the laws. Instead of sucking up a million dollar fine (payable to the States), how about seeking restitution on behalf of the lenders. After all, we are the "victims" of Prosper's illegal activities. Ira maybe you could e-mail them with a nice request and see if you could get lenders some of that money: http://www.nasaa.org/About_NASAA/Corporate_Office_Staff_List/ |
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tmullin1217
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« Reply #23 on: December 01, 2008, 06:27:07 PM » |
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All y'all may commence crying in your beer... |
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Urbi_et_Orbi
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« Reply #24 on: December 01, 2008, 06:27:48 PM » |
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Is it common for a company to make such a "settlement" with a third-party group, while an action is still pending by the harmed party?
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GLeaderAccountantsChoice
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« Reply #25 on: December 01, 2008, 07:08:14 PM » |
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Is it common for a company to make such a "settlement" with a third-party group, while an action is still pending by the harmed party?
PMI has a civil liability to the "lenders" of the platform. PMI had a liability to the states' because it broke their laws collectively. PMI also "owes" the SEC (the SEC can, via administrative proceedings as provided in the 1933 Act, invoke stop orders, injunctions, and criminal sanctions etc.). ... no, I'm not a lawyer. |
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« Last Edit: December 01, 2008, 07:10:20 PM by GLeaderAccountantsChoice »
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 *Warning - Lending stats subject to change |
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evisha
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« Reply #26 on: December 01, 2008, 07:10:30 PM » |
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bamalucky
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« Reply #27 on: December 01, 2008, 07:35:43 PM » |
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Anybody know any of those people? |
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There are no stupid questions, just stupid people.
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AmexFan
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« Reply #28 on: December 01, 2008, 07:40:28 PM » |
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I've heard of the Ed guy, and the Larsen guy.
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A good cup of coffee sometimes can be the
greatest morning antidote against feeling like
one is not the sharpest knife in the toaster.
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onthefence
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« Reply #29 on: December 01, 2008, 08:03:51 PM » |
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Any chance we can get a text version of that complaint? |
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