After much drama, LendingClub founder Renaud Laplanche gets a slap on the wrist by the SEC
In May of 2016, LendingClub CEO Renaud Laplanche faced the most embarrassing outcome imaginable for a founder. Laplanche, said LendingClub’s board at the time, had taken out loans on the platform for himself and family members without being transparent about them. Laplanche reportedly also did not disclose a personal stake in an investment firm in which LendingClub had considered making an investment.