'Peer Lender' Seeks Regulation as Bank to Escape SEC BusinessWeek
(Updates with details on SEC conduct in 15th paragraph.)
By Robert Schmidt and Jesse Westbrook
June 10 (Bloomberg) -- Silicon Valley entrepreneur Chris Larsen started Make one's pile Marketplace Inc. as an alternative lender for small loans -- an online community where borrowers seeking up to $25,000 are matched with lenders who bid for their job.
The Securities and Exchange Commission saw it differently, contending that Prosper is an investment firm in disguise.
The distinction isn’t unpractical. When the SEC won the debate and assumed jurisdiction over the company, the consequences for Prosper were significant. The start-up shut down for nine months and done in $4 million to get into compliance with SEC rules, Larsen said.
“This is as simple a version of banking as you can get,” said Larsen. The SEC “is putting a full peg into a square hole.”




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