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Author Topic: Prosper order to cease and desist by SEC  (Read 149862 times)

beerbud1

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Re: Prosper order to cease and desist by SEC
« Reply #30 on: November 25, 2008, 10:56:30 am »

Just sent an e-mail to Pensioner to inform him.
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bamalucky

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Re: Prosper order to cease and desist by SEC
« Reply #31 on: November 25, 2008, 11:05:05 am »

Incorporation doesnt cover you from liability in criminal activity.Any of the resident lawyers want to weigh in on going after personal assets if they bankrupt?
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DakotahFury

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Re: Prosper order to cease and desist by SEC
« Reply #32 on: November 25, 2008, 11:28:29 am »

Well...its been fun.  :ninja:
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bamalucky

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Re: Prosper order to cease and desist by SEC
« Reply #33 on: November 25, 2008, 12:02:58 pm »

The Main Customer Support: (800) 208-0103  is a non working number  ???
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Shenandoah

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Re: Prosper order to cease and desist by SEC
« Reply #34 on: November 25, 2008, 12:07:39 pm »

The Main Customer Support: (800) 208-0103  is a non working number  ???

Wheres that number from?  Its not the number I see when I click on the Contact Us link.
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112233

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Re: Prosper order to cease and desist by SEC
« Reply #35 on: November 25, 2008, 12:09:00 pm »

415-593-5400 still works
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NewHorizon

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Re: Prosper order to cease and desist by SEC
« Reply #36 on: November 25, 2008, 12:12:05 pm »

The Main Customer Support: (800) 208-0103  is a non working number  ???

Wheres that number from?  Its not the number I see when I click on the Contact Us link.

Another piece of our Prosper directory thats gone out of date, it seems.
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112233

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Re: Prosper order to cease and desist by SEC
« Reply #37 on: November 25, 2008, 12:15:54 pm »

They probably saved money by getting rid of the 800#.
« Last Edit: November 25, 2008, 12:17:30 pm by 112233 »
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bamalucky

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Re: Prosper order to cease and desist by SEC
« Reply #38 on: November 25, 2008, 12:18:04 pm »

I called all 14 direct numbers from here

http://www.prospers.org/wiki/Prosper%20Directory

Not a single person picked up.Voicemail on all.
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cowdog

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Re: Prosper order to cease and desist by SEC
« Reply #39 on: November 25, 2008, 12:20:41 pm »

Déjà vu.

Quote
"Right now the (Red Gorilla) system is offline, all the employees were let go, and theres no money in the bank," said chief executive John Witchel. "Officetool.com has agreed to continue operating the Web site so that our customers can continue to use our software."

http://news.cnet.com/Red-Gorilla-cant-survive-capital-market-jungle/2100-1017_3-247212.html

 ;D
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Mtnchick

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Re: Prosper order to cease and desist by SEC
« Reply #40 on: November 25, 2008, 12:23:16 pm »

I called all 14 direct numbers from here

http://www.prospers.org/wiki/Prosper%20Directory

Not a single person picked up.Voicemail on all.

Theyre being vewy, vewy qwiet....
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bamalucky

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Re: Prosper order to cease and desist by SEC
« Reply #41 on: November 25, 2008, 12:24:16 pm »

I called all 14 direct numbers from here

http://www.prospers.org/wiki/Prosper%20Directory

Not a single person picked up.Voicemail on all.

Theyre being vewy, vewy qwiet....

Quiet period was all bullshit.This was what was really happening.They just tried to piggyback on the LC excuse.
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ira01

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Re: Prosper order to cease and desist by SEC
« Reply #42 on: November 25, 2008, 12:39:32 pm »

I called all 14 direct numbers from here

http://www.prospers.org/wiki/Prosper%20Directory

Not a single person picked up.Voicemail on all.

Theyre being vewy, vewy qwiet....

Quiet period was all bullshit.This was what was really happening.They just tried to piggyback on the LC excuse.

Of course -- didnt I say that immediately after their so-called "quiet period"?

This is almost certainly the end of Prosper.  I believe that every lender is probably entitled to have their "unregistered securities" repurchased by Prosper (even the defaulted ones), which Prosper obviously doesnt have the money to do.  I think a BK filing by Prosper is almost assured.  An interesting question is going to be the personal liability of Prospers Officers and Directors.  While I dont know for sure, I think there is a pretty good shot at digging into Chris Larsens personal assets.  Presumably, Prosper (and its Officers and Directors) will also be suing their legal counsel, since I imagine Prosper got a pre-launch legal opinion that they did not need to regsiter.  What a mess. 

I also want more information about this:
Quote
In view of the foregoing, the Commission deems it appropriate to impose the sanctions agreed to in Respondent Prosper’s Offer.

I havent checked (and dont have time to now), but I wonder if the settlement agreement is also posted on the SEC site.  I want to know what the "sanctions" are. 
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bamalucky

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Re: Prosper order to cease and desist by SEC
« Reply #43 on: November 25, 2008, 12:43:47 pm »

Quote
I havent checked (and dont have time to now), but I wonder if the settlement agreement is also posted on the SEC site.  I want to know what the "sanctions" are.

It reads as if the offer is this

Quote
Accordingly, it is hereby ORDERED that: Pursuant to Section 8A of the Securities Act, Respondent Prosper cease and desist from committing or causing any violations and any future violations of Sections 5(a) and (c) of the Securities Act.

Quote
Based on the above, the Order orders Prosper to cease and desist from committing or causing any violations and any future violations of Sections 5(a) and (c) of the Securities Act of 1933. Prosper consented to the issuance of the Order without admitting or denying any of the findings in the Order. (Rel. 33-8984; File No. 3-13296)

http://www.sec.gov/news/digest/2008/dig112408.htm
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DakotahFury

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Re: Prosper order to cease and desist by SEC
« Reply #44 on: November 25, 2008, 12:47:38 pm »

Larsen has been a pretty large donator to the Democrats over the years...maybe he can phone in a favor to have the feds pick up the tab for the outstanding loans.  :ninja:
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"If you are up-to-date on your vaccines today, and you avail yourself of the treatments, your chances of dying COVID are vanishingly rare and certainly much lower than your risk of getting into trouble with the flu," Jha (White House COVID-19 Response Coordinator) told NPR.
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