A unit of online lender Prosper Marketplace Inc. agreed to pay $3 million on Friday to settle claims that it miscalculated returns of investors who funded its consumer loans, the Wall Street Journal reported. The Securities and Exchange Commission said Prosper provided inaccurate return data to over 30,000 investors between July 2015 and May 2017. The returns that investors saw on their account pages were wrong because they excluded defaulted loans from the calculation, the SEC said. The settlement comes three years after the SEC’s former chairman, Mary Jo White, said regulators were closely monitoring the accuracy of information that online lenders provide to investors. Another online lender, LendingClub Corp., settled allegations in 2018 that one of its units inflated returns and misused investor money.
