LendingClub Corp. founder and Chief Executive Officer Renaud Laplanche resigned after an internal review of loan sales to a single investor, and president Scott Sanborn was named acting CEO.

"A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees," Hans Morris, the newly named executive chairman, said in a statement Monday. The sale of $22 million in near-prime loans was found to be "in contravention of the investor's express instructions," the San Francisco-based company said in the statement.

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