SEC shuts down 4 online lenders

By James A. Loyola

The Securities and Exchange Commission (SEC) has ordered the operators of four online lending operators to cease and desist from offering and providing loans to the public.

The cease and desist order issued by the Commission En Banc covers CashAB, CashOcean, KwikPeso and Little Cash, together with their owners, CashAB Lending Co., Mimosa Credit Ltd. and Zamoya Credit Ltd.

The SEC directed the online lending operators, their agents, representatives and promoters, as well as the owners of their hosting sites and all persons acting for and on their behalf, to immediately cease and desist under pain of contempt from engaging in, promoting and facilitating lending activities.