SEC fines Prosper Funding $3 million for overstating net returns to investors

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© Reuters. FILE PHOTO: To match Special Report SEC/INVESTIGATIONS© Reuters. FILE PHOTO: To match Special Report SEC/INVESTIGATIONS

WASHINGTON (Reuters) – The Securities and Exchange Commission on Friday said Silicon Valley-based Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to retail and other .

The regulator said the online lending platform from around July 2015 until May 2017 excluded certain non-performing charged off loans from its calculation of annualized net returns that reported to investors. As a result, Prosper overstated annualized net returns to more than 30,000 investors, said.

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Source: Investing.com

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