CMF files charges against the “Alianza de Créditos” firm for alleged fraud

The firm is not registered with the Financial Market Commission and claimed to be a supervised entity. It collected advance payments from people who applied for a loan and did not receive the agreed funds.

February 26, 2020.- On February 25, 2020 the Financial Market Commission (CMF) filed a complaint against any responsible parties before the Public Prosecutor's Office for alleged fraud. According to information gathered by the CMF's Investigation Unit, the firm known as "Alianza de Créditos" collected advance payments from people who applied for a loan and did not receive the agreed funds. Said entity, which claimed to be supervised by the Commission, neither has such status nor is registered in its rolls.

As the complaint details, "Alianza de Créditos" used its website to target people in need of loans. Such individuals were offered a loan by requesting an advance payment of money that would supposedly be used to cover necessary expenses for granting it, e.g. the collection of alleged notary fees or fines by the regulator.

Considering both the facts described and that "Alianza de Créditos" is not an entity supervised by the Commission, the Board of the CMF decided to file fraud charges according to Article 468 of the Criminal Code.

The Commission stresses that the full list of persons and entities under its supervision is available to the general public on its website. It is always recommended to verify the information available on anyone offering financial products and services.

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