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LendingClub Corp Agrees to Pay $100,000 Penalty for Selling Unregistered Notes

In a consent order entered by the Arizona Corporation Commission, LendingClub Corporation agreed to pay a $100,000 administrative penalty for selling unregistered notes to 345 investors while not registered as a securities dealer. This 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. 

In settling this matter, LendingClub Corporation neither admits nor denies the Commission’s findings, but agrees to entry of the consent order. All documents relating to this case can be found in the Corporation Commission's online docket at https://edock t.azcc.gov and entering docket number S-21095A-20-0044.

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