Defendant Name:
LendingClub Asset Management, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
LendingClub Corporation
SIC Code:
6153
CUSIP:
52603A10
Document Reference:
IA-5054
Document Details
Legal Case Name
In the Matter of LendingClub Asset Management, LLC, f/k/a LC Advisors, LLC, Renaud Laplanche, and Carrie Dolan
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of 1940 and Section 9(b) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
28-Sep-2018
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On September 28, 2018, the SEC issued an order against LendingClub Asset Management, LLC, stating: "From approximately December 2015 through April 2016 (the "relevant period"), LCA, through its president, Renaud Laplanche, caused one of the private funds it managed, the Broad Based Consumer Credit (Q) Fund ("BBFQ"), to purchase interests in certain loans that were at risk of expiring unfunded on the LendingClub platform (which would have deprive LendingClub of revenue it could otherwise earn)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$4,000,000.00
Shared:
Other Defendants in Action:
