September 28, 2018 / 5:25 PM / 23 days ago

LendingClub Asset Management, executives to pay $4.2 million to settle SEC charges

WASHINGTON (Reuters) - LendingClub Asset Management LLC, its former president and former chief financial officer will pay more than $4.2 million to settle charges of wrongly using fund money to benefit its parent company and improperly adjusting returns, the Securities and Exchange Commission said on Friday.

The SEC said it had not recommended charges against the parent company, LendingClub Corporation(LC.N), because it promptly reported its executives’ misconduct, thoroughly remediated the problem, and cooperated with the investigation. The asset management group and its executives did not admit or deny the allegations and former president Renaud Laplanche was barred from the securities industry.

Reporting by Lisa Lambert; Editing by Bill Trott

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