LendingClub Corp.’s former CEO agreed to be banned from the securities industry for at least three years to resolve allegations that he improperly used investors’ money to benefit the peer-to-peer lender.
Renaud Laplanche will pay $200,000 to settle Securities and Exchange Commission claims that he directed an advisory fund to buy loans that were at risk of going unfunded, thereby depriving LendingClub of revenue, the agency said in a statement Sept. 28. The investment adviser, LendingClub Asset Management, agreed to pay $4 million over the claims, and former chief financial officer Carrie Dolan was fined $65,000. All agreed to resolve ...
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