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[Beerbud1]

https://share.acrobat.com/adc/document.do?docid=2f89081f-e35d-4add-877a-857307014080

[Beerbud1]

Can everyone open the link?

[yankeefan]

Can everyone open the link?

Yes. Thanks.

[cubbiesnextyr]

$56,364 fine to Florida.

[yankeefan]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

[Beerbud1]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

Zero, nada and nothing...

[ira01]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

It's a fine, not restitution.

[Investar]

Lobby please (that's where the rest of these announcements are located). Thank you!

This was a notable event. The fine payable this state was one of the largest: $56,364 "evidencing Prosper loans totaling more than $10,095,383" as 2,638 Florida residents participated in the finance of 112,408 promissory notes.

Background information for those unfamiliar:
http://www.prospers.org/forum/prospers_settlement_with_state_securities_regulators_previewreview-t16017.0.html

[Beerbud1]

Second for the lobby.

[msava]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

Zero, nada and nothing...

I knew it. Total waste of time. Only the lawyers won.

[Risk_Reward]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

Zero, nada and nothing...

I knew it. Total waste of time. Only the lawyers won.

No, the bureaucrats got their cut.  This is how government works.  Business pays government to stomp on the people. 

[ira01]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

Zero, nada and nothing...

I knew it. Total waste of time. Only the lawyers won.

No, the bureaucrats got their cut.  This is how government works.  Business pays government to stomp on the people. 

You're such a moron.  This was a FINE.  Fines are punishment for breaking the law, and go to the state.  These fines do NOT prohibit anyone from suing Prosper, and as everyone here knows, there is a pending class action that has done just that.

[Risk_Reward]

$56,364 fine to Florida.

How much of that goes to Florida lenders?   

Zero, nada and nothing...

I knew it. Total waste of time. Only the lawyers won.

No, the bureaucrats got their cut.  This is how government works.  Business pays government to stomp on the people. 

You're such a moron.  This was a FINE.  Fines are punishment for breaking the law, and go to the state.  These fines do NOT prohibit anyone from suing Prosper, and as everyone here knows, there is a pending class action that has done just that.

We also know how far that lawsuit has gotten, despite having several lawyers that were affected by Prosper's actions. 

[mothandrust]

You're such a moron.  This was a FINE.  Fines are punishment for breaking the law, and go to the state.  These fines do NOT prohibit anyone from suing Prosper, and as everyone here knows, there is a pending class action that has done just that.

Now that the fine has been paid to the state, the state has the money.  They know who the 2,638 Florida lenders are who were the injured parties.  Many of these lenders are taxpayers, and these taxes pay the salaries of the state lawyers.

Why is it so unreasonable that the state should pay lenders restitution out of the monies collected?

Fines reduce Prosper's asset base, which could potentially be used to compensate lenders for the wrongs done them in a civil suit.

[ira01]

You're such a moron.  This was a FINE.  Fines are punishment for breaking the law, and go to the state.  These fines do NOT prohibit anyone from suing Prosper, and as everyone here knows, there is a pending class action that has done just that.

Now that the fine has been paid to the state, the state has the money.  They know who the 2,638 Florida lenders are who were the injured parties.  Many of these lenders are taxpayers, and these taxes pay the salaries of the state lawyers.

Why is it so unreasonable that the state should pay lenders restitution out of the monies collected?

Because that isn't how it works.  If I get a parking ticket, the fine I pay to the city stays with the city -- even if my ticket was for parking blocking your driveway.  If you want to sue me for blocking your driveway, you can -- just like you can sue Prosper for its various misdeeds.  But fines are not restitution.

ETA:  Even if a State actually wanted to pay that fine money to lenders, it would probably be illegal for it to do so, absent statutory authority.  Otherwise, it would be considered a gift of public funds.