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Report: SEC probing LendingClub founder's role in share buyback plan

The SEC is investigating whether Renaud Laplanche failed todisclose information about a possible conflict of interest to 's board when itapproved a $150 million share buyback plan in February, Bloomberg News reported, citing"people with knowledge of the matter."

Laplanche had borrowed against some of his shares in thecompany he founded and would have seen a cut in the collateral's value in theevent of a slump in the stock price, the news outlet reported.

The board's internal review of sales of $22 million in near-primeloans to a single investor led to the resignation of Laplanche as chairman and CEO.