On March 15, 2022, the United Kingdom adopted the Economic Crime (Transparency and Enforcement) Act of 2022 (the “Act”). The Act is lengthy (and this summary is qualified by reference to the entire Act) and imposes a sea change in the disclosure of the ownership of foreign property in the United Kingdom. Among other things,… Read more »
Posts Categorized: Loans
SEC Issues Cease and Desist Against Prosper for Overstating “Annualized Net Returns”
On April 19, 2019, the Securities and Exchange Commission (the “SEC”) issued a Cease and Desist Order against Prosper Funding, LLC (“Prosper”), for overstating “Annualized Net Returns” to its investors for nearly two years. Prosper is an on-line lender which raises funds by selling securities linked to the performance of consumer loans and related rights. … Read more »