The fiduciary responsibility of those in control of funds is something to be taken seriously – but not everyone does! Let’s discuss how your money can be put to work for YOU, and not an errant manager. Contact us at cfields@loyaltyalliance.com or 212-570-1212.

“The marketplace lender’s asset management division must pay over $4.2 million; its co-founder and former CEO is barred from the industry.

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.”

Read more: LendingClub Sub Failed to Meet Fiduciary Duty, SEC Says

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