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This is a cache of http://forums.prosper.com/index.php?showtopic=17259 which was retrieved on Nov-6-2007 10:44 PM
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Prosper Discussion Forums -> Discussion Forums -> Group Leader Forum
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email Regarding FAN, WOW !!!
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| American Banker |
Posted:
Jan-18-2007 6:56 AM |
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Members of Fan received this email sometime this morning:
It has come to our attention that one of the group leaders on Prosper is subject to a Federal Trade Commission (FTC) settlement order that bans him and his related companies from advertising, marketing, promoting, offering for sale, or selling any credit-related goods or services, or assisting others engaged in the same activities. As a result, we have terminated the Prosper membership of the leaders of the following groups: FinancialAssistanceNetwork, MinorityAssistance.org, EmergencyAssistance.org, PayItForwardLoans.com, HR-Assistance.com, CreditCardAssistance.org, and FAN-Lenders-Alliance. Existing funded loans in these groups will continue to be active loans on Prosper and existing listings from members of these groups will remain open. Prosper will assume leadership of these groups, but will not accept new members into these groups. We are not aware of any illegal activity in these groups on Prosper, or any irregularities with regard to any loans to members of these groups, but we are obligated to take this action in light of the FTC settlement order. As always, thank you for your support of Prosper. Sincerely, Prosper Security
This message was sent from Prosper based on your communication preferences. Edit your communication preferences. Copyright ? 2005-2006 Prosper Marketplace, Inc. All rights reserved. Prosper is located at 111 Sutter St., 22nd Floor, San Francisco, CA 94104 If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply
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| bmay2 |
Posted:
Jan-18-2007 7:05 AM |
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you just exposed the true Identity of a borrower on Prosper against TOS policy.
Big suggestion edit your post.
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| American Banker |
Posted:
Jan-18-2007 7:10 AM |
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| QUOTE (bmay2 @ Jan-18-2007 07:05 AM) | you just exposed the true Identity of a borrower on Prosper against TOS policy.
Big suggestion edit your post. |
Corrected, thanks for the headsup !! :)
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| A_Plus_Financing |
Posted:
Jan-18-2007 5:23 PM |
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Any idea on what actually happened? Since it involved so many of the Prosper groups I can't help but think that it had something to do with the way they conducted business on Prosper.com. I'm only asking because I don't want to make the same mistakes without knowing it.
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| SoCal24 |
Posted:
Jan-18-2007 5:40 PM |
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| QUOTE (A_Plus_Financing @ Jan-18-2007 05:23 PM) | | Any idea on what actually happened? Since it involved so many of the Prosper groups I can't help but think that it had something to do with the way they conducted business on Prosper.com. I'm only asking because I don't want to make the same mistakes without knowing it. |
| QUOTE | | We are not aware of any illegal activity in these groups on Prosper, or any irregularities with regard to any loans to members of these groups, but we are obligated to take this action in light of the FTC settlement order |
I hope that answer your question. But they did do some shady things on prosper just do a search for FAN/Financial Assistance Network and there will be pently of topics on them.
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Please pay your loan on time.
Would you bid on my second listing?
http://forums.prosper.com/index.php?showtopic=32070 |
| StaciM |
Posted:
Jan-18-2007 5:41 PM |
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The heart of the matter seems to be that the leader of the main FAN group was banned by the FTC from having any involvement in advising people on getting loans of any sort. Along with a fine.
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Update:
I am doing well - taking 4 courses right now. (Business Law, Business Information Systems & Communication, Micro Economics, Managerial Accounting.)
With recent changes, where Prosper has removed GL access to any personal borrower info, I can no longer work with new borrowers. I have no way of knowing the person applying for a loan is the same person in vetting documents. |
| pninen |
Posted:
Jan-18-2007 7:23 PM |
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| QUOTE (StaciM @ Jan-18-2007 05:41 PM) | | The heart of the matter seems to be that the leader of the main FAN group was banned by the FTC from having any involvement in advising people on getting loans of any sort. Along with a fine. |
He was also banned by the state of New York, and others. Long history of legal trouble for advance fee loan schemes.
Apparently there was also a 1996 conviction for the same advance fee scheme! http://www.herecomesthejudge.com/unsort/Pe....Y._1996)_.html
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| Tokyo Joe |
Posted:
Jan-18-2007 7:29 PM |
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| QUOTE | Then there's Paul Navestad. Remember him?
His Navestar telemarketing company was shut down by federal authorities in June 2000. Navestad's building, the former Rosenbaum's department store, 110 W. Water St., was temporarily seized but has since become available. |
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| Tokyo Joe |
Posted:
Jan-18-2007 7:32 PM |
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Here's a credit book not to buy at Amazon: http://www.amazon.com/Insiders-Guide-Manag...t/dp/0425167453Editorial reviews: "The only book you'll ever need about credit."--Paul Navestad, President and CEO, Financial Services Network-USA, Inc. |
| pninen |
Posted:
Jan-18-2007 7:42 PM |
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Here's the review I liked...
| QUOTE | | On Pages 116 through 118 there is an interesting but still kind of far-fetched idea about using 20 credit cards - yes, you read correctly, twenty! - to make money out of a calculated scheme to obtain downpayment for a mortgage. The process; however, seems complicated, ...a bit dangerous. |
Sounds like the worst advice I have heard since "Day trade your way out of debt!"
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| YourAverageJane |
Posted:
Jan-18-2007 7:57 PM |
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Paul has been lurking...
FAN-Spokesman
Find all posts by this member ? Find all topics by this member ? Add to contact list
Active Stats
Total Cumulative Posts 140
( 0.07% of total forum posts )
Posts Per Day 1.2
Joined Sep-28-2006
Most Active In Lender Forum
56 posts in this forum
( 40% of this member's active posts )
Last Activity Today, 8:05 am
User's Local Time Jan-18-2007 07:54 PM
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Am a member of a great group! BaldEagle LoansIf you have current DQs then you better be ready for some long winded explaining to do if you are requesting a Prosper loan!!! Try not to become a man of success but rather to become a man of value. - Albert Einstein |
| Tokyo Joe |
Posted:
Jan-18-2007 7:58 PM |
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I noticed that too. It doesn't prove he's seen the threads, he could have just been checking pm messages (there have probably been a lot the last few days...)
However, I don't see how he could not look at the forums...
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| Urbi_et_Orbi |
Posted:
Jan-18-2007 9:07 PM |
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I am taking a break from lending. NO bids in NOvember. |
| sbc |
Posted:
Jan-18-2007 9:35 PM |
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from the link provided by Urbi_et_Orbi above...
"Most of the lenders that bid on your loan have had their accounts closed and their money is in limbo. They can not even log in to see the account balance or if any payments are late."
Flat out lying to their members!
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| Educationrebates |
Posted:
Jan-18-2007 9:38 PM |
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| QUOTE (sbc @ Jan-18-2007 09:35 PM) | |
from the link provided by Urbi_et_Orbi above...
"Most of the lenders that bid on your loan have had their accounts closed and their money is in limbo. They can not even log in to see the account balance or if any payments are late."
Flat out lying to their members!
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Sounds like a cult group. WOW
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