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[112233]

Prosper Bank? When did prosper start or become a bank?

Im sure these guys would be interested in PMI's "Prosper Bank"
https://www.bankprosper.com

ETA .. made slightly clearer

[Urbi_et_Orbi]

So, did DoFU get promoted?

responsible for all aspects of Prosper's operations

[Xenon481]

Prosper Bank? When did prosper start or become a bank?

https://www.bankprosper.com/default.aspx

Nothing to do with Prosper.com.


Edit:

I am Prosper Bank's Vice President of Operations. . .

No, you aren't, Doug.  You may be Prosper Marketplace Inc.'s VP of Ops, but NOT Prosper Bank's!

[Urbi_et_Orbi]

Prosper Bank? When did prosper start or become a bank?

https://www.bankprosper.com/default.aspx

Nothing to do with Prosper.com.

Did you read the amended filing?

[Fred93]

So, did DoFU get promoted?

responsible for all aspects of Prosper's operations

I'm slow today.  Didn't even notice "Prosper Bank" when I read the aph.  That's funny.

[Xenon481]

Prosper Bank? When did prosper start or become a bank?

https://www.bankprosper.com/default.aspx

Nothing to do with Prosper.com.

Did you read the amended filing?

OMG.  They just keep digging themselves deeper and deeper.  They are now representing themselves as executives of a completely different company. . .

[112233]

doesnt it look bad when you have to file an amended filing to fix an amended filing?

[112233]

Im going to take a wild guess and say "Providian Bank" was on fuller's mind since he spent a lot of time working with providian.

.. first 3 letters are the same

but prosper's attorney signed this too and didnt notice it .. hmm

[Xenon481]

I posted the following comment on the Motley Fool article:

Prosper Marketplace Inc. has filed their correction with the US Bankruptcy Court.  The first paragraph of the affidavit (by Doug Fuller) states the following:
.
"I am Prosper Bank's Vice President of Operations. . ."
.
Doug Fuller is NOT Prosper Bank's VP of Ops, he is Prosper Marketplace Inc's VP of Ops.
.
Prosper Bank is a bank in the Dallas/Ft-Worth area of Texas.  www.bankprosper.com
.
This affidavit was signed before a Notary Public by both Doug Fuller (VP of Ops) and Edward Giedgowd (Chief Compliance Officer and General Counsel).
.
The incompetency at this company never ceases to amaze me.

[onthefence]

Im going to take a wild guess and say "Providian Bank" was on fuller's mind since he spent a lot of time working with providian.
.. first 3 letters are the same
but prosper's attorney signed this too and didnt notice it .. hmm

Are you SURE?  Someone should call the bank, point them to the affidavit & inquire if Prosper Market Place has bought them out.

[Xenon481]

Im going to take a wild guess and say "Providian Bank" was on fuller's mind since he spent a lot of time working with providian.
.. first 3 letters are the same
but prosper's attorney signed this too and didnt notice it .. hmm

Are you SURE?  Someone should call the bank, point them to the affidavit & inquire if Prosper Market Place has bought them out.

They are local to me, so I guess I'll go do that.

[112233]

Im going to take a wild guess and say "Providian Bank" was on fuller's mind since he spent a lot of time working with providian.
.. first 3 letters are the same
but prosper's attorney signed this too and didnt notice it .. hmm

Are you SURE?  Someone should call the bank, point them to the affidavit & inquire if Prosper Market Place has bought them out.

no Im not sure but it did cross my mind that some deal was made. I looked briefly but did not see anything.

[Urbi_et_Orbi]

Perhaps Prosper is trying their own hand at ID theft? 

 

[Xenon481]

I talked with a manager of the loan department of Prosper Bank (small, so she should be able to involve the right people) and she was very interested about the situation, although I had to do a lot of explaining as to what exactly Prosper Marketplace was.  She indicated that she would contact the appropriate people and asked that I send her an e-mail that she can send on.

I sent her the following e-mail and attached all of the filings in this thread:

This is an e-mail to confirm and provide details regarding the phone conversation we had today.

Prosper Marketplace Incorporated (PMI) is a company which is an online Peer-to-Peer Loan marketplace.  PMI publishes (on their public website) borrower loan requests and allows everyday people to bid on the loan request as "lenders" (actually loan purchasers).  Currently, WebBank originates the loans and sells them to PMI who then splits and sells them to the site's "lenders" while retaining the servicing rights.  At the time of this particular loan in question, PMI was the one originating the loans, not WebBank.

I am a "lender" on PMI's website that stopped "lending" (loan purchasing) via the site in April of 2007 due to what I believed to be incompetent and unethical business practices on the part of PMI.

http://www.prosper.com/
http://www.prosper.com/help/topics/start-faq.aspx

The majority of the story of this particular case does not directly concern Prosper Bank, however, the latest chapter in this saga does.  In the most recent filing that Prosper Marketplace Inc. made with the US Bankruptcy court (regarding the loan it made to Oakland Gaerke), the affidavit (written in the words of Douglas Fuller, PMI's VP of Operations) states "I am Prosper Bank's Vice President of Operations. . ."

This affidavit was signed before a Notary Public by PMI employees Douglas Fuller (VP of Ops) and Edward Giedgowd (Chief Compliance Officer and General Counsel).

I have attached all of the relevant public records of the filings from PACER.  The one that most involves Prosper Bank is Prosper_Marketplace_Correction_Affidavit_2008-09-04.pdf


In case you need more detailed information, here are relevant links to discussions of this issue:

Prospers.org forum thread where this issue was discovered and is actively discussed:
http://www.prospers.org/forum/anyone_on_ashley_gaerkes_loan_possibly_in_the_name_of_oakland_gaerke-t8232.0.html

Blog summarizing the original issues in the above thread:
http://www.prospers.org/blogs/Fred93/2008/08/23/prosper_com_you_got_some_splainin_to_do

The Motley Fool article about this debacle:
http://www.fool.com/investing/value/2008/08/29/avoid-this-company-like-the-plague.aspx


Thank you,
xxxx

[ira01]

This affidavit was signed before a Notary Public by PMI employees Douglas Fuller (VP of Ops) and Edward Giedgowd (Chief Compliance Officer and General Counsel).

This is not quite right.  Ed did not sign the affidavit, only Doug did.  Ed's name was listed (but not signed) in the notary's jurat, because it appears that Ed was either going to co-sign the affidavit, or submit an affidavit of his own.  For whatever reason (xraider's guess is as good as any), he didn't.