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Online peer-to-peer lending company, LendingClub, and its former CEO are in trouble with the Securities and Exchange Commission for violating their fiduciary duty.
According to the SEC’s order, LendingClub Asset Management, a subsidiary of LendingClub, that provides investors and advisors with direct access to U.S. consumer and small business credit, and manages private funds that purchase loan interests offered by its parent company. One of those funds bought shares in certain loans that were at risk of going unfunded to benefit LendingClub.”