Crackdown on Predatory Lenders: Quebec Companies Convicted of Extortion and Illegal Loans in Alberta
An investigation by Alberta’s Consumer Investigations Unit (CIU) has resulted in multiple guilty pleas, hefty fines, and court-ordered restrictions against a network of Quebec-based lenders targeting Albertans with illegal interest rates and aggressive collection tactics.
Launched in 2025 following a flood of consumer complaints, the probe revealed that the unlicensed companies used Telephony Denial of Service (TDoS) attacks to disable phone lines and intimidate borrowers. The automated call floods impacted not only borrowers and their families, but also third-party targets including local businesses, an elementary school, a seniors’ residence, and area hospitals.
Minister of Service Alberta and Red Tape Reduction Dale Nally noted that the investigation exposed the increasingly sophisticated methods used by illegal lenders, including the misuse of telecommunications systems to harass consumers.
Between April and June 2026, several key individuals and corporate entities entered guilty pleas under the Criminal Code and Alberta’s Consumer Protection Act. Gerardo Dominique Nicolo pleaded guilty to charging criminal interest rates under the Criminal Code and was fined $5,000, while corporate entities Groupe Buddy Inc. and True Loans Inc. were fined $25,000 for harassing communications.
Jean-Maxime Nicolo and Groupe Speedy Inc. received a $15,000 fine for operating speedypayloans.ca without a licence, with Nicolo entering a five-year peace bond banning him from any lending involvement in Alberta. Mathieu Travieso-Culurides and Groupe C2G Inc. were fined $5,000 for unlicensed operations and harassing communications via cash2gonow.com, also accompanied by a five-year peace bond. Marc Travieso-Culurides and Groupe Buddy Inc. faced a $15,000 fine for similar violations along with a five-year peace bond, while Jean-Louis Larocque, Liftagram Inc., and 9418-9024 Quebec Inc. were fined $5,000 for operating an unlicensed collection agency, with Larocque agreeing to a five-year restriction on provincial lending activities.
Provincial officials advise Albertans to verify that all lenders, payday loan providers, and collection agencies hold a valid provincial licence before borrowing. High-cost credit loans carrying an APR of 32 percent or higher fall under regulated provincial rules, while interest rates exceeding 35 percent violate federal criminal law. Payday lenders are legally capped at charging $14 per $100 borrowed. Consumers suspecting unfair or illegal lending practices can contact the Consumer Contact Centre at 1-877-427-4088 to file an official report.