Gateway One to Pay SEC $6.5 Million in Auto Loan Data Inquiry

An auto loan originator, securitizer, and servicer agreed to pay more than $6.5 million to resolve SEC allegations it misled investors about past loan performance, according to an administrative settlement order.

Gateway One Lending & Finance LLC will hand over more than $4.9 million in disgorgement and interest and another $1.6 million as a civil fine, the Securities and Exchange Commission settlement said. The company didn’t admit or deny the findings in the settlement order.

Gateway raised more than $2 billion from investors through “securitization of interests in pools of auto loans it originated,” the SEC order said. Investors ...