- The firms are Multibankacl, Cooperativa Financiera Latinoamericana, Finanzas Futuras, and Multinvercréditos.
- These companies claimed to be supervised by the Commission, collecting advance payments from people who applied for a loan and did not receive the agreed funds.
- The CMF has also launched a new Alert Portal for investors, policyholders, and banking customers.
April 20, 2020.- On April 17, 2020 the Financial Market Commission (CMF) filed a complaint against any responsible parties before the Public Prosecutor’s Office for alleged fraud. The firms mentioned in the complaint are Multibankacl, Cooperativa Financiera Latinoamericana, Finanzas Futuras, and Multinvercréditos.
According to information gathered by the CMF’s Investigation Unit, these four firms collected advance payments from people who applied for a loan and did not receive the agreed funds. Said entities, which claimed to be supervised by the Commission, neither have such status nor are registered in its registers.
Modus Operandi
As the complaint details, these firms used their websites to target people in need of loans. Then, using official-looking information such as logos of the former Superintendence of Banks and Financial Institutions (SBIF, for its Spanish acronym), customers are offered a loan by requesting an advance money transfer. This requirement is based on false information, such as insurance fees associated to the loan. In cases where customers did transfer the money, they received neither the committed loan nor a refund of the amounts disbursed.
Considering both the facts described and that the aforementioned entities are not supervised by the Commission, the Board of the CMF decided to file fraud charges according to Article 468 of the Criminal Code.
Investor Alerts
The Financial Market Commission also informs that is has launched an Alert Portal for investors, policyholders, and banking customers on its website. On this portal you can:
- Access the complete roll of all individuals and legal entities under the CMF’s supervision.
- Verify whether a company or individual offering financial products or services is supervised by the Commission.
- Check alerts issued by the CMF and other foreign regulators on unregulated entities or activities.
- Access important advice to safeguard investors, policyholders, and financial clients.
The CMF always recommends checking the information available on anyone offering financial products and services.
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