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Author Topic: Prosper workaround to allow lenders in all states  (Read 6323 times)
DCS
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« on: July 06, 2011, 05:12:28 pm »

Just received this e-mail from Prosper...

Subject: Live in MD and want to invest on Prosper? Here’s how.‏


Since 2009, Prosper Lenders have been enjoying 10.4% annual returns.*

A best-in-class credit risk model and improved verification procedures have helped Lenders to earn better returns than ever before:

Actual Return chart July to May




And now you can participate by working with a Registered Investment Advisor (RIA).

William Jordan Associates, Inc. has a track record of investing in the Prosper marketplace, and has recently established services dedicated to working with investors who want to participate in Prosper Notes. By working with this California-based RIA, investors like you now have access to our consumer loans marketplace which has experienced double-digit growth in the last year.

If this opportunity interests you, consider contacting William Jordan Associates directly to learn more:

William Jordan Associates, Inc.
23332 Mill Creek, #260
Laguna Hills, CA, 92653
(949) 380-8600
www.WilliamJordanAssociates.com/prosper


Want to learn more about recent performance of the Prosper marketplace?

Check out our new Marketplace Performance page to see detailed return data by Prosper Rating or read our recent Blog posts about risk and return performance.

Regards,
Prosper

NOTE: William Jordan Associates, Inc. is not affiliated with Prosper Marketplace, Inc. For more information regarding working with a Registered Investment Advisor please contact William Jordan Associates, Inc., directly.

* Net Annualized Returns represent the actual returns on Borrower Payment Dependent Notes ("Notes") issued and sold by Prosper since July 15, 2009. To be included in the calculation of Net Annualized Returns, Notes must be associated with a borrower loan originated more than 10 months ago; this calculation uses loans originated through May 31, 2010. To calculate Net Annualized Returns, all payments received on borrower loans corresponding to eligible Notes, net of principal repayment, credit losses and servicing costs for such loans, are aggregated then divided by the average daily amount of aggregate outstanding principal for such loans. To annualize this cumulative return, the cumulative number is divided by the dollar-weighted average age of the loans in days and then multiplied by 365. Net Annualized Returns are not necessarily indicative of the future performance of any Notes. All calculations made as of March 31, 2011.
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cz
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« Reply #1 on: July 06, 2011, 06:10:01 pm »

Oh what a great idea! Not only can I invest in Prosper again, but I can have an even *MORE* trusted intermediary skim off the cream of my losses.

Thank God I can't invest in Prosper directly. Like a siren singing on the rocks it would just lure me, even me, into the reefs of "this time it will be different!"

C
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yankeefan
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« Reply #2 on: July 06, 2011, 06:39:03 pm »

Wonder what the Maryland securities regulator would say about this?  May need to ask..
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H
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« Reply #3 on: July 06, 2011, 06:44:11 pm »

Well they finally convinced me.  I'll get almost a 20% return if I invest exclusively in E rated credits! And if I reinvest those monthly payments back in E rated credits I'll get an annual compound return of...*counts on fingers* 375%!!
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cowdog
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« Reply #4 on: July 06, 2011, 07:15:32 pm »

Could this even be legal?

How deeply is he scraping the bottom of the barrel to purchase Prosper loans for others? Not a whole lot of commission in that one. Although, I guess he has to pay for his GoDaddy domain somehow...

And then there is always this:

Active members of Life Church in Mission Viejo, William and Tiphanie currently serve on a team of worship leaders and oversee the leadership for the church’s Couples Ministry, as well as leading a biblical stewardship group study through Crown Ministries.
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pioneer11
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« Reply #5 on: July 06, 2011, 07:20:34 pm »

Active members of Life Church in Mission Viejo, William and Tiphanie currently serve on a team of worship leaders and oversee the leadership for the church’s Couples Ministry, as well as leading a biblical stewardship group study through Crown Ministries.
I have been burned in business dealings with allegedly pious Christians.

ETA: nominate for lobby
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Your idea has potential ranging from seven digits to ninety days community service.
Urbi_et_Orbi
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« Reply #6 on: July 07, 2011, 12:43:50 am »

Second for lobby.
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312lender
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« Reply #7 on: July 07, 2011, 02:30:49 am »

I thought this was a good idea, until I saw the guys website. 
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UNCMBA
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« Reply #8 on: July 07, 2011, 02:28:25 pm »

Every time I come back here there's new insanity.  That might as well be Crazy Eddie selling me TV's.
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sunkcostsareirrelvant.com
Xenon481
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« Reply #9 on: July 07, 2011, 02:32:21 pm »

For a $5,000 investment, he charges a $295 "planning fee". That is a 6% cut right off the top from the very beginning.  Roll Eyes
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yankeefan
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« Reply #10 on: July 07, 2011, 03:15:58 pm »

I thought this was a good idea, until I saw the guys website. 

typically for all things Prosper, His "Order now" buttons aren't linked to anything.

Oh, well, I already have my
Quote
Prosper investment strategy to minimize risk and maximize returns with Prosper notes
-

Allocation to Prosper notes =   0%
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cz
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« Reply #11 on: July 07, 2011, 03:18:27 pm »

For a $5,000 investment, he charges a $295 "planning fee". That is a 6% cut right off the top from the very beginning.  Roll Eyes
Wow! So after all my careful picking that resulted in my having a .1% rate of return he will only charge me 6%?

I think I would get more pleasure setting fire to my money. And I would be helping in controlling inflation. Question is would burning US dollars help the national debt?

C
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onthefence
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« Reply #12 on: July 12, 2011, 02:04:16 am »

I have been burned in business dealings with allegedly pious Christians.
Skepticism is warranted. But hucksters that have been around for a while typically leave a trail. If we cared enough for the $295 haircut + fees, I think a little internet sleuthing would tell us if he is OK despite his flogging of Christianity to attempt to gain credibility.

But it is probably a moot question as the fees just don't make Prosper investing worthwhile.
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Lobby permission granted
Fred93
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« Reply #13 on: July 12, 2011, 04:05:09 am »

Registered investment advisers are easily researched at www.SEC.gov & brokercheck.Finra.org web sites, and you are encoraged to review the details there.

William Michael Jordan
CRD# 3004702

Passed the stock broker exam "series 7" in 1998. 

Since 1998, he has been registered with 5 different firms:
Edward Jones
Linsco/Private Leger
Sentra Securities
AIG Financial
Securities Equity Group

This means he has changed jobs every 3 years on the average. 

Finra web site tells us that Securities Equity Group reports that he was "permitted to resign" 8/25/2010 "after the firm learned that he had engaged in the sale of securities that were not authorized by Securities Equity Group", and that there is an ongoing investigation.

Finra reports that Jordan is "not currently registered with a Finra firm".

Meanwhile, William Jordan Associates is registered with the SEC (California jurisdiction) as an investment advisor firm since 2007.   Their form ADV says they have $80,000,000 in 150 non-discretionary accounts, and $0 in 0 discretionary accounts.   I think this probably means he sells people investment products, but doesn't manage people's accounts.  If he managed the accounts, they would be classified as "discretionary".

The form ADV lists "other business names" as follows:
SENTINEL COLLEGE FUNDING
WJA SECURE INCOME FUND, LLC
WJA SECURE REAL ESTATE FUND, LLC
WJA PROSPER FUND, LLC
WJA PMB FUND, LLC

Perhaps these are the investment products he has created which he sells.  I see one with "prosper" in its name. 

Has anyone obtained a prospectus or offering document for the prosper fund?


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mothandrust
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« Reply #14 on: July 12, 2011, 08:32:17 am »

Prosper sure picks some real winners to team up with.

Besides worrying about whether the borrower will pay or that Prosper will remain solvent beyond next quarter, now lenders get to take their chance on whether this unlicensed broker won't run off with their money.
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"Although gold and silver are not by nature money, money is by nature gold and silver." -- Karl Marx
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