A good blow-by-blow account in the WSJ of how the Lending Club debacle unfolded.
The problems occurred shortly thereafter. In March, a LendingClub engineer named Andreas Oesterer informed Mr. Laplanche that he falsified dates on $3 million of loans that were bought by Jefferies as part of the deal, according to people familiar with the matter. Mr. Oesterer said he acted in response to a request from Matt Wierman, a senior vice president at LendingClub, the people said. Mr. Wierman told others at the firm he was misunderstood, one of the people said. It isn’t clear what Mr. Wierman meant by that. Messrs. Oesterer and Wierman couldn’t be reached for comment.