Renaud Laplanche, founder and chief executive of Lending Club, resigned yesterday after an internal inquiry, sending the shares crashing and underscoring a sharp reversal in fortunes for the online lending industry.
The San Francisco-based group said
Mr Laplanche had not only been involved in a sale of loans to a big investor that violated company practices but had also failed to disclose personal interests in a fund that Lending Club had been considering as an investment.
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