PHOENIX – LendingClub Corporation has agreed to pay a $100,000 administrative penalty for selling unregistered notes to 345 investors while not registered as a securities dealer. As per a consent order entered by the Arizona Corporation Commission, the money will be deposited into the state of Arizona’s general fund.
The Arizona Corporation Commission found LendingClub Corporation has its headquarters in California and operates an online marketplace platform that connects borrowers and investors. The Commission found the investors fund loans by purchasing notes issued by LendingClub Corporation.
According to the Arizona Corporation Commission, “in settling this matter, LendingClub Corporation neither admits nor denies the Commission’s findings, but agrees to entry of the consent order.”