The Securities and Exchange Commission fined online lender Prosper late last week for inflating returns to more than 30,000 investors; the company was forced to pay a $3mn fine for what the SEC termed as “miscalculating and materially overstating annualized net returns to retail and other investors.”; Prosper released a statement to Markets Insider saying in part, “Since discovering and fixing this issue two years ago, we have put additional controls in place designed to detect and prevent similar errors in the future, and we are committed to providing transparent information on returns to our retail investors.” Source.
