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North Dakota Sanctions Prosper

September 9, 2009

The State of North Dakota “brought the pain” earlier this year as it sanctioned Prosper to the tune of a whopping $906 for violating North Dakota’s Securities Act by selling unregistered securities to 2,390 residents of North Dakota.

The Administrative Consent Order largely follows the normal template being used by Prosper to settle with States, including:

– Prosper notes are securities

– Prosper sold unregistered securities in North Dakota

– Prosper failed to make required disclosures

You can read the Administrative Consent Order here.

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