An investigation led by Alberta's Consumer Investigations Unit (CIU) found that Quebec-based companies marketed themselves as legitimate lenders while charging illegal interest rates and using intimidation tactics to collect debts. Between April and June 2026, the investigation resulted in multiple guilty pleas, fines and court-ordered restrictions.
Investigators also found the accused used Telephony Denial of Service (TDoS) attacks to overwhelm and disable phone lines in an effort to pressure borrowers into repayment. The attacks affected not only borrowers, but also their family members, employers and unrelated third parties, including private businesses, a seniors' residence, an elementary school and hospitals.
“This investigation by our CIU team revealed the increasingly sophisticated methods used by illegal lenders, including the misuse of telecommunications systems to intimidate and pressure consumers. We’re very glad these investigations resulted in charges and convictions.”
The investigation was launched in 2025 after complaints about illegal lending activities targeting Alberta consumers. Alberta's Consumer Investigations Unit worked with law enforcement and regulatory partners to gather evidence that led to criminal charges and convictions under both the Criminal Code and Alberta's consumer protection legislation.
Companies and individuals charged and convicted
Between April 2026 and June 2026, the following entered guilty pleas under provisions of the Criminal Code and Alberta’s consumer protection legislation:
- Gerardo Dominique Nicolo pleaded guilty to Section 347(1) of the Criminal Code (providing loans at a criminal interest rate) and was fined $5,000. In addition, Groupe Buddy Inc. and True Loans Inc., operating as Cashbuddy500.com and Truepaydayloans.ca, and represented by Gerardo Dominique Nicolo, pleaded guilty to Section 24(g) of the High-Cost Credit Regulation (harassing communications) and were fined $25,000.
- Groupe Speedy Inc., operating as speedypayloans.ca and represented by Jean-Maxime Nicolo, pleaded guilty to: Section 124.02(1) of the Consumer Protection Act (operating without a high-cost credit lender licence) and Section 24(g) of the High-Cost Credit Regulation (harassing communications) and was fined $15,000. Jean-Maxime Nicolo also entered into a five-year peace bond, prohibiting him from owning, operating, or being involved, directly or indirectly, in any business that offers or facilitates loans in Alberta.
- Groupe C2G Inc., operating as cash2gonow.com and represented by Mathieu Travieso-Culurides, pleaded guilty to operating without a licence and engaging in harassing communications and was fined $5,000 and also entered into a five-year peace bond.
- Groupe Buddy Inc., operating as cashbuddy500.com and also represented by Marc Travieso-Culurides, pleaded guilty to the same offences and was fined $15,000. Marc Travieso-Culurides also entered into a five-year peace bond.
- Liftagram Inc. and 9418-9024 Quebec Inc., represented by Jean-Louis Larocque, pleaded guilty to two counts under Section 111(1) of the Consumer Protection Act (operating a collection agency without a licence) and were fined $5,000. Larocque also entered into a five-year peace bond restricting involvement in lending-related businesses in Alberta.
Be careful who you borrow from
The Government of Alberta reminds Albertans to take the following precautions:
- Verify that high-cost credit lenders, payday lenders, and collection agencies are properly licensed. This can be done online at www.servicealberta.gov.ab.ca/find-if-business-is-licenced.cfm.
- Carefully review loan terms, including interest rates and fees.
- Make sure you understand which fees are mandatory, which fees are optional and how much the loan will cost you.
- High-cost credit loans with an APR of 32 per cent or higher are regulated under the Consumer Protection Act and require a valid licence. Interest rates above 35 per cent may constitute a criminal offence.
- Payday lenders must be licensed and may charge a maximum of $14 per $100 borrowed. For example, a $300 loan cannot have a cost of credit of more than $42 and must have a term of 42 to 62 days.
- Consumers who believe they may have been affected by unfair business practices are encouraged to contact the Consumer Contact Centre at 1-877-427-4088 for information on filing a complaint.
Quick facts
- The Consumer Investigations Unit (CIU) of Service Alberta and Red Tape Reduction investigates allegations of non-compliance with provincial consumer protection laws, including the Consumer Protection Act and its regulations. CIU works closely with law enforcement and regulatory partners to hold offenders accountable and protect Alberta consumers.