Financial Market Commission

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

Claiming to be supervised by the Commission, these four entities request advance payments from individuals applying for a loan, who subsequently don't receive the agreed funds.
Since 2020, the Commission has issued 51 alerts on entities offering fraudulent loans, as well as 13 concerning unregulated investment platforms.

May 20, 2022 - The Financial Market Commission alerts the public about four 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 offer loans through their websites while requesting advance payments from applicants (usually to cover payment of alleged notary or insurance fees). After making said advance payments, applicants don't receive the agreed funds. These entities claim to be supervised by the Commission, or misleadingly use the names of legitimate financial companies. Accordingly, the CMF will file charges against any responsible parties before the Public Prosecutor's Office for alleged fraud.

The identified entities are:

CoopLautaroRosas (cooplautarorosas dot com, impersonates the real Cooperativa Lautaro Rosas)
Cooperativa Visión de Chile (cooperativavisiondechile dot com)
OrientalCoop (orientalcoopltda dot com)
Solución Financiera en Chile (solucionfinancieraenchile dot com)

Many companies, intermediaries, and advisors offering financial products and services operate in the market. Some of them aren't supervised by the Commission, and therefore it cannot exercise its regulatory or sanctioning powers on them or know any complaints from the public about them. Since 2020, the Commission has issued 64 alerts on unregulated entities offering financial services - 51 about fraudulent loan offerors and 13 about unregulated investment platforms.

The Commission also 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.
Alerts issued by the CMF and other foreign regulators on unregulated entities or activities.
Other important advice for the protection of investors, policyholders, and financial clients.