Topic: Prosper's Settlement with Tennessee (Read 3245 times)

Investar · « **on:** September 19, 2009, 10:02:59 am »

On August 17, 2009, Tennessee extracted $8,461 in penalties from Prosper Marketplace who sold unregistered securities to 524 of their residents. Together these residents had invested $1,515,385 in 18,080 uncollateralized promissory notes on the peer-to-peer lending platform. This action by the state secured their portion of amounts ordered in NASAA's agreement between the 50 states and the offending company.

PDF of Order: http://tn.gov/commerce/securities/documents/Prosper09022009.pdf

edit/add Index of other states who have announced sanctions:
http://www.prospers.org/forum/prospers_settlement_with_state_securities_regulators_previewreview-t16017.0.html

Beerbud1 · « **Reply #1 on:** September 19, 2009, 10:51:29 am »

Nominate for Lobby!

DCS · « **Reply #2 on:** September 19, 2009, 11:38:15 am »

seconded

NewHorizon · « **Reply #3 on:** September 19, 2009, 09:04:25 pm »

I think this is the first state open to Prosper which isn't open to the borrowers of Lending Club?

Investar · « **Reply #4 on:** September 20, 2009, 05:38:19 am »

I think this is the first state open to Prosper which isn't open to the borrowers of Lending Club?

The comparison cheat-sheet I keep shows Tennessee has not approved either platform.

NewHorizon · « **Reply #5 on:** September 20, 2009, 06:37:16 am »

My bad - my wires were crossed late last night.

Capital_Finance_Group · « **Reply #6 on:** September 20, 2009, 09:21:15 am »

I know for a fact Tennessee has not approved either platform.

DCS · « **Reply #7 on:** September 20, 2009, 09:35:52 am »

I think this is the first state open to Prosper which isn't open to the borrowers of Lending Club?

Lenders in Oregon can currently purchase notes on Prosper but not on LendingClub.