25 Bogus Lenders Uncovered
The Financial Supervisory Service reported 25 financial institutions to prosecutors last month for illegally soliciting money from investors under false promises of high returns, it said Monday. Twelve of the companies attracted investors through so-called pyramid networks, which are illegal.To ferret out the lenders, the financial watchdog has been paying up to 100,000 won ($77) to persons who provide it with information. The agency is taking reports of such illegal activities via its Internet home page, which provides a list of licensed financial institutions. "Before committing their money to a company, investors should check whether it has a license," a regulator said.
with the Korea JoongAng Daily
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