Quebec lenders fined after Alberta investigation uncovers illegal interest rates, harassment
Posted August 17, 2026 1:49 pm.
The Alberta government says a provincial investigation has led to several guilty pleas after some Quebec-based lenders allegedly used illegal interest rates and harassment to target borrowers.
Alberta’s Consumer Investigations Unit (CIU) started investigating in 2025 after complaints about unlicensed lending aimed at Alberta residents.
Investigators found the companies in question marketed themselves as real lenders but used illegal interest rates and intimidation to collect debts. They also learned about the use of phone-blocking attacks that affected borrowers, their families, workplaces and unrelated private businesses, a seniors’ home, 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,” says Minister of Service Alberta and Red Tape Reduction Dale Nally in a statement.
Several individuals and companies entered guilty pleas between April and June 2026:
- Gerardo Dominique Nicolo pleaded guilty to providing loans at a criminal interest rate and was fined $5,000. His companies, Groupe Buddy Inc. and True Loans Inc., operating as Cashbuddy500.com and Truepaydayloans.ca, pleaded guilty to harassing communications and were fined $25,000.
- Groupe Speedy Inc., represented by Jean‑Maxime Nicolo, pleaded guilty to operating without a high‑cost credit licence and to harassing communications. The company was fined $15,000. Nicolo also agreed to a five‑year peace bond prohibiting involvement in any lending business in Alberta.
- Groupe C2G Inc., represented by Mathieu Travieso‑Culurides, pleaded guilty to operating without a licence and harassing communications. The company was fined $5,000, and Travieso‑Culurides entered a five‑year peace bond.
- Groupe Buddy Inc., represented by Marc Travieso‑Culurides, pleaded guilty to the same offences and was fined $15,000. Travieso‑Culurides also agreed to a five‑year peace bond.
- Liftagram Inc. and 9418‑9024 Quebec Inc., represented by Jean‑Louis Larocque, pleaded guilty to operating a collection agency without a licence. They were fined $5,000, and Larocque entered a five‑year peace bond restricting his involvement in lending‑related businesses.
Albertans are being urged to verify that lenders are properly licensed, review loan terms carefully, and understanding all fees before borrowing.
The province says high‑cost credit loans with an APR of 32 per cent or higher require a licence, and interest rates above 35 per cent could be illegal. Payday lenders can charge a maximum of $14 per $100 borrowed.
Anyone who thinks they may have been targeted by unfair practices is asked to call the Consumer Contact Centre at 1‑877‑427‑4088.
