CMF to file charges against a series of entities offering loans on their websites

  • Claiming to be supervised by the Commission, four loan offerors request advance payments to apply for loans that are not actually granted.
  • Two other websites included in this alert are not supervised by the Commission.

January 21, 2022 - The Financial Market Commission (CMF) alerts the public about a series of entities offering loans that are neither supervised by it nor registered in its rolls.

According to information gathered by the CMF's Investigation Unit, these entities mimic the name and appearance of other formally constituted financial institutions that are indeed supervised by the Commission. Said entities offer loans through their websites while requesting advance payments from applicants, who subsequently don't receive the agreed funds. They claim to be supervised by the Commission but are neither registered with it nor authorized to operate.

Accordingly, the CMF will file charges against any responsible parties before the Public Prosecutor's Office for alleged fraud. The identified entities are:

  • An entity posing as the Conavicoop Savings and Credit Cooperative, operating under the conavicoop dot com website.
  • Administradora de Mutuos Hipotecarios Hogar y Mutuo S.A, which uses the mutuoshm dot com website.
  • Coopcredito S.A.S.
  • Financiera Capital S.A.

Additionally, the CMF states that the financieracapitalsa dot com and coopcreditoschile dot com websites are not supervised by it.

The Commission reminds the public about the 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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