CMF files charges against entities offering loans on their websites for alleged fraud and alerts the public about unregulated investment platforms

  • Pretending to be supervised by the Commission, five loan providers request advance payments from individuals applying for a loan, who subsequently don't receive the agreed funds.
  • The Commission also issued an alert about two investing platforms that are neither supervised by it nor registered in its rolls.

September 9, 2021 - The Financial Market Commission (CMF) alerts the public about a series of entities offering loans and investment platforms that are neither supervised by it nor registered in its rolls.

According to information gathered by the CMF's Investigation Unit, these entities offer loans through their websites while requesting advance payments from applicants, who subsequently don't receive the agreed funds. All these entities claim to be supervised by the Commission but are neither registered with it nor authorized to operate. The identified entities are:

  • Emprende Microfinanzas (emprendemicrofinanzas dot com)
  • Coopfinanciera el Triunfo (coopfinancieraeltriunfo dot com)
  • Sociedad de Cobranza Chile (sociedaddecobranzachile dot com)
  • Contempora Chile (contemporacl dot com)
  • Créditos Invertir Chile (creditosinvertirchile dot com)
  • Cooperativa de Ahorro y Crédito Araucanía (cooperativaaraucaniacl dot com)

Accordingly, the CMF will file charges against any responsible parties before the Public Prosecutor's Office for alleged fraud, as well as forgery of private instruments and forgery of stamps and seals - offenses contained in Chile's Criminal Code.

Investment Platforms

The Commission also informs that the platforms known as InvestMarkets (investmarkets dot com slash international) and DirectTrader (directtrader dot com) are neither supervised nor authorized by it to provide services in Chile. Before making an investment, the Commission recommends investors to always do their research on products and companies they are considering investing with by taking the following actions:

  • Check the CMF website to confirm whether the relevant company is registered in Chile, and which parties are responsible for its management.
  • Use popular Internet search engines to identify any complaints or negative feedback about the company through its name, its directors, and the products being considered for investment.

Investors should also be wary if they are contacted without prior arrangement; if pressured to invest quickly; or if promised investment returns that sound too good to be true.

The Commission also has a special alerts page for investors, policyholders, and banking customers available on its website. Interested parties can verify here whether an entity or person offering financial products or services is supervised by the CMF; review alerts issued by the CMF and other foreign regulators on unregulated entities or activities; and other important advice for the protection of investors, policyholders, and financial clients.

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