Search Results for: illegal online lending

February 2, 2017 @ 3:39 am By Erin Hobey  |  

Attorney General Mark R. Herring announced that Virginia consumers will be receiving $15.335 million in restitution and debt relief as part of a settlement to resolve claims that CashCall, Inc. and its president and CEO J. Paul Reddam illegally deceived borrowers and collected illegal interest of up… Read More

February 16, 2025 @ 6:27 pm By Michael Wong  |  

Cambodia’s Minister of Interior Sar Sokha has called for intensified efforts to suppress illegal online lending, urging citizens to stop repaying loans from unlicensed lenders and report such activities to authorities. Speaking at the closing ceremony of the Interior Ministry’s annual review meeting, Sokha reiterated… Read More

July 8, 2024 @ 3:49 pm By JD Alois  |  

SoLo Funds, a peer to peer lender, has settled allegations brought by the Attorney General of Pennsylvania. In a public statement, the AG claimed that Solo Funds “deceptively led borrowers to belive they were receiving interest free loans.” Allegedly, the loans actually incorporated “outrageously inflated… Read More

October 16, 2021 @ 7:08 pm By Omar Faridi  |  

KrediFazz, a subsidiary of FinAccel that operates as a P2P lending Fintech, has been issued a business license from the Financial Services Authority (OJK) via the Decree of the OJK Board of Commissioners Number: KEP-81 /D.05/2021, dated August 24, 2021. KrediFazz, a Fintech firm with… Read More

February 7, 2021 @ 10:53 am By Omar Faridi  |  

European online lender October recently alerted consumers about the money muling fraud. The company explained what usually takes place when bad actors carry out these fraudulent activities and shares tips to avoid getting scammed. October notes that if you’re being offered “opportunities” to make easy… Read More

November 30, 2019 @ 4:03 pm By Cali Haan  |  

Following reports of multiple “rectification” incidents executed against cryptocurrency businesses in China last week, including alleged raids on a Binance office in Beijing, the People’s Bank of China (PBOC) announced November 25th that it has closed two-thirds of the country’s online lending institutions and 173… Read More

February 27, 2019 @ 10:44 am By JD Alois  |  

The Online Lenders Alliance (OLA), a group that claims up to 80% of all online lending in the US, has published a report on industry fraud and abuse. The report, created in part by using a web crawler designed to “weed out” bad actors, has… Read More

February 18, 2019 @ 7:01 pm By JD Alois  |  

The Chinese Ministry of Public Security has revealed that over 380 peer to peer lending platforms are currently under investigation. A release by Xinhua on Sunday said that about USD $1.5 billion in P2P lending assets were involved. Apparently, the Chinese police have seized or frozen cash,… Read More

September 16, 2017 @ 10:46 am By JD Alois  |  

Ezubao executives are looking at doing some hard time following the conclusion of proceedings at Beijing No. 1 Intermediate Peoples Court. Ezubao maintains the ignominious record of the largest peer to peer lending fraud ever. The Ponzi scheme has been estimated at pilfering over $7.7… Read More

May 8, 2017 @ 12:10 pm By JD Alois  |  

Do you remember the Ezubao Ponzi scheme that ended in the single largest peer to peer lending fraud of all time? Investors, saw approximately 50 billion CNY or about USD $7.2 billion flushed down the tube. Reportedly 900,000 investors were impacted as an astounding 95%… Read More

April 27, 2017 @ 2:11 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has sued four online lenders for collecting debt from consumers they allegedly did not owe. The four lenders include: Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – The suit… Read More

December 16, 2016 @ 11:28 am By JD Alois  |  

The trial against Ezubao, once a high-flying peer to peer lending platform, has commenced.  The Beijing People’s Protectorate has started proceedings against Ezubao and its parent company Yucheng Holdings and Yucheng Global.  This is according to a report in China News. Apparently, 10 individuals will… Read More

December 4, 2016 @ 8:35 am By Jessica Pham  |  

In a follow-up to the Ezubao (Ezubo) shutdown, five people affiliated with the Chinese P2P lending platform that is accused of a Ponzi scheme are on trial for gold smuggling.  This is the first court case that is a part of a scandal that robbed investors of between… Read More

October 10, 2016 @ 11:25 pm By Pawee Jenneeranon  |  

The Peer-to-Peer Lending Industry in Thailand Peer-to-peer lending, which is also known as social lending or crowdlending, has drastically increased in the recent years in many countries around the world. The total volume of peer-to-peer lending activities has been growing rapidly. A good example is… Read More

August 31, 2016 @ 4:09 pm By Spencer Li  |  

After nearly eight months since the original draft was first issued, the China Banking Regulatory Commission (“CBRC”) announced the official rules for the online lending industry on August 24, 2016. The unveiling came accompanied with a few policy curveballs that few industry participants were expecting…. Read More

May 26, 2016 @ 2:23 pm By Erin Hobey  |  

Add Esudai to a growing list of fraudulent Chinese P2P lending platforms that are being shut down by the Chinese government.  Today Reuters reported that police in the Huizhou, Guangdong province, had detained 13 executives including legal representative and chairman Jian Huixing from the Guangdong Huirong… Read More

May 16, 2016 @ 10:13 am By Erin Hobey  |  

As Chinese authorities continue their hunt for unregulated online lending and investment firms, more fraudulent fintech platforms are bound to be nabbed for unseemly and illegal behavior.  Today Bloomberg News reported the latest Ponzi scheme that separated 39.9 billion yuan ($6.1 billion) from 25,000 investors. Crowdfund… Read More

February 29, 2016 @ 10:43 pm By Spencer Li  |  

Following the much-talked-about Ezubao $7.6 billion Ponzi scheme collapse at the end of last year, the perception and outlook of the Chinese online lending industry has grown increasingly negative both within and outside of China. Murmurs of regulation began floating around in early 2014 but… Read More

February 23, 2016 @ 10:09 pm By Midori Yoshimura  |  

    At the Continuum SF Innovation and Credit Conference in San Francisco I recently attended, those present listened to a solid lineup of speakers discuss business development and more in SF and across the Pacific in China. Speakers included SF Mayor Ed Lee; Rob Suber,… Read More

January 18, 2016 @ 6:00 am By Spencer Li  |  

The China Banking Regulatory Commission (“CBRC”) issued the highly anticipated draft rules for online lending on December 28, 2015. Ever since the State Council guidelines (“the Guidelines”) for the Chinese internet finance industry were issued in July, rumors about the timing of the online lending… Read More