Alternative Lender Likely to Be Questioned in San Bernardino Terror Tragedy

Fox News has reported that terrorist Syed Farook received a $28,500 deposit two weeks before committing the terrorist act with his wife. The source of the money? WebBank.com, an FDIC-insured, state-chartered industrial bank based in Salt Lake City, Utah. Perhaps more notably, it’s the bank that originates loans for dozens of alternative lenders including Lending Club, Prosper, and Avant.

WebBank.com is reportedly refusing to comment but in all likelihood we are probably going to learn that the loan was made by an alternative lender.

As written on Fox News:

The loan and large cash withdrawal were described to Fox News by the source as “significant evidence of pre-meditation,” and further undercut the premise that an argument at the Christmas party on Dec. 2 led to the shooting.

If the loan was indeed originated on a marketplace lending platform like Lending Club or Prosper, hundreds of Americans could potentially face the horror of having bought shares in the loan and made it possible.

For now, all we know is that Farook got $28,500 through a WebBank.com deposit. I’ll post more as the story develops.

Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future AltFinanceDaily events here.