Comments on: SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper

By: Old Line Banker Puts $1 Million Into P2P Lender Prosper

Old Line Banker Puts $1 Million Into P2P Lender Prosper — Tue, 10 Nov 2009 23:03:47 +0000

[...] of people-to-people lending in the U.S with its launch in 2006. Unfortunately, the startup hit a rough patch last year when the SEC stopped all lending on the platform because the company didn’t [...]

By: Dave Scotese

Dave Scotese — Fri, 02 Oct 2009 21:01:55 +0000

I don’t think the low IQs are the problem. The system is designed to thwart real help for the little guys that provide the major competition to the big guys. Low IQs are kind of sought out for this purpose. Forgive my cynicism. I have the unfortunate habit of paying attention

By: Dave Scotese

Dave Scotese — Fri, 02 Oct 2009 20:57:25 +0000

I often consolidate all that stuff. I do the math for them, and if they audit me, they can redo it themselves. They just want to make sure they get as much of your money from you as they can. The nasty time-consuming paperwork they make you do is just icing on their make-the-people-fear-us cake.

By: Prosper Files Sixth S-1 Amendment to the SEC, Corrects CEO’s Name | P2P Lending News

Fri, 10 Jul 2009 18:35:45 +0000

[...] other change that looks SEC-mandated is that Prosper adds more detail about the SEC’s cease and desist judgment against the company. In previous filings, the C&D is mentioned, but not in as much [...]

By: Don’t Apply at Pertuity Direct

Don’t Apply at Pertuity Direct — Wed, 24 Jun 2009 13:56:45 +0000

[...] SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper [...]

By: The Far Edge » Blog Archive » Kiva Brings Microlending Home To U.S. Entrepreneurs In Need

Wed, 10 Jun 2009 22:56:35 +0000

[...] to U.S. businesses has proven to be controversial in the past. Prosper, a US peer-to-peer lender stopped all new lending on its site because of scrutiny by the SEC. Prosper, which is currently back [...]

By: P2P Lending Marketplace Prosper Gets Off The Bench, Debuts Open Market Initiative | Reviews Manual

Wed, 29 Apr 2009 13:44:46 +0000

[...] Prosper, the people-to-people disposition assist that launched artefact backwards in May 2006, has institute itself on a stony agency so far. Last October, Prosper suspended newborn lending in visit to run with the Securities and Exchange Commission to create a alternative activity for the loans on its locate (the SEC desired to appraise whether the consort should run as a securities broker, as evidenced after when it formally issued its cease-and-desist letter). [...]

By: Who will be The Pirate Bay of the finance industry? | JonBischke.com

Sun, 19 Apr 2009 02:52:40 +0000

[...] was one company that I believed was taking a shot at this. Until the SEC in their infinite wisdom decided to shut them down (by the way, it’s good to know that while Madoff and Stanford were off doing their things the [...]

By: shopyield.com › it will be very interesting to see how social lending evolves in the future

Thu, 19 Mar 2009 19:33:59 +0000

[...] loan activities one of Lending Club’s main competitors, Prosper, at the end of last year, citing obvious reasons that these companies should be regulated by the SEC as a securities seller. [...]

By: Lending Club Gets A $12 Million Credibility Boost | CHARGED's Digital Lifestyle at Work or Play

Thu, 19 Mar 2009 14:32:36 +0000

[...] loan activities one of Lending Club’s main competitors, Prosper, at the end of last year, citing obvious reasons that these companies should be regulated by the SEC as a securities [...]

By: Lending Club Gets A $12 Million Credibility Boost

Lending Club Gets A $12 Million Credibility Boost — Thu, 19 Mar 2009 14:30:50 +0000

By: go4reward

go4reward — Fri, 06 Mar 2009 21:37:21 +0000

I am a lender with Prosper. I hope it will come back soon.

By: Bernie Madoff

Bernie Madoff — Tue, 10 Feb 2009 05:46:02 +0000

I am so glad the SEC is cracking down on these millions of American trying to help each other out.

By: Social Lending - Higher Rates of Return for the Investor

Social Lending - Higher Rates of Return for the Investor — Sun, 01 Feb 2009 14:40:33 +0000

[...] SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper (techcrunch.com) [...]

By: LendingClub in the News

LendingClub in the News — Wed, 31 Dec 2008 02:15:54 +0000

[...] SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper [...]

By: TheNewsGuy

TheNewsGuy — Sun, 07 Dec 2008 04:40:36 +0000

Propser is in deep trouble. Hopefully they will emerge again one day but they need to change the way they do business. P2P lending is maturing and it is a good thing for everyone

By: Fuzzy vs financial: How do I invest in social businesses in developing countries? (Part 2) : The Social Investor

Fri, 05 Dec 2008 11:22:04 +0000

[...] lending sites are going through tough times at the moment, with US based companies Prosper and Loanio falling foul of SEC rules. The problem is that these companies didn’t register as companies that sell [...]

By: Guest Post: Social Actions Roundup #17 « CauseWired

Guest Post: Social Actions Roundup #17 « CauseWired — Tue, 02 Dec 2008 23:34:58 +0000

[...] posts SEC letter that explains the government’s reason for shutting down peer-to-peer lending site [...]

By: P2PHarvardFan

P2PHarvardFan — Tue, 02 Dec 2008 15:39:49 +0000

I’m a big fan of Kiva and Lending Club.

I tried prosper when it came out. Their whole model did not make sense: Do I really have to compete with other lenders to give my money out? Plus, they provided little information about the loans, so how am I supposed to know how much to charge. I think Prosper was doomed from the beginning.

Kiva is great, you know you are not getting any returns other than the benefit and satisfaction of helping others.

Lending Club is the best P2P lending site if you want to get good returns. Price is set (you take it or leave it), they provide much more reliable information about the loans, and it helps you diversify more. Plus their default rate is more manageable and expected (mine is around 2.1%, while I am making 12% returns).

By: Startup Toolbox » Blog Archive » Another Hard Knock for Crowdsourced Securities, and a Glimmer of Hope

Tue, 02 Dec 2008 05:57:26 +0000

[...] comes as no surprise, then, that the SEC has told crowdsourced lender Prosper.com that it needs to stop matching lenders with buyers on its site. Borrowers on Prosper submit loan requests, lenders bid for them, then Prosper [...]

By: xode

xode — Sun, 30 Nov 2008 17:04:04 +0000

Mike, you say “Contract law is voided when the contract violates federal law.” The U.S. Constitution says: “Congress shall not impair the obligation of contracts.” Therefore, your example here is just one more example of how the government as a whole is illegal because it doesn’t serve the people or the country since it continues to violate the U.S. Constitution. You say: “Lenders will need to go after Prosper for money.” What you don’t say is that the entire court system in this country is fraud and treason. Read all about it at http://home.abs.../Bankfraud1.htm

What Michael says, namely: “But let’s get real, unless you honestly feel you were duped you should pay back your loan.” makes far more sense than what you have said here.

By: US throws social lenders out of its temple of economic doom | Open (minds, finds, conversations)...

Sun, 30 Nov 2008 14:28:12 +0000

[...] Prosper, one of the largest social lending enterprises in the US, forcing it to stop issuing loans. Techcrunch explains the significance of this move: And it is not just Prosper, but all P2P lenders, that are on notice. Loanio, a new entrant into [...]

By: bamalucky

bamalucky — Sat, 29 Nov 2008 04:30:41 +0000

Privatelender above wrote a book about how to lend on Prosper

He has 301 loans in which 81 are late or default.His business is selling books.

http://www.eric...s/PrivateLender

His estimated ROI is -2.25%

He’s still living in the dark about whats going on.

By: Mike

Mike — Fri, 28 Nov 2008 22:47:09 +0000

Contract law is voided when the contract violates federal law. Prosper may be held liable for borrower’s debt. Lenders will need to go after Prosper for money. That’s why a bunch of lawyers are looking for Prosper’s lenders to make money. This looks like a win for them.

By: Mike

Mike — Fri, 28 Nov 2008 22:08:48 +0000

What are the conditions for participation? How much can I expect to get out of the lawsuit? What is your percentage take on the outcome and how much are you going to ask Prosper to pay up?

I have about $2,500 in prosper.com and want to know if I will get any of this back.