Quebec lenders fined $85,000 total after Alberta probe finds illegal rates and harassment tactics
Several Quebec-based lending companies pleaded guilty to operating without licenses, charging illegal interest rates, and using phone attacks to harass borrowers across Alberta.
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Several Quebec-based lending companies and individuals have pleaded guilty to criminal lending practices targeting Alberta residents, with fines totalling $85,000 handed down between April and June 2026.
Alberta's Consumer Investigations Unit opened its investigation in 2025 after complaints about unlicensed lending. The probe uncovered companies marketing themselves as legitimate lenders while charging illegal interest rates and using intimidation to collect debts. Investigators also discovered the use of phone-blocking attacks — a tactic that affected not only borrowers but their families, workplaces, and unrelated private businesses, as well as a seniors' home, an elementary school, and hospitals.
"This investigation revealed the increasingly sophisticated methods used by illegal lenders, including the misuse of telecommunications systems to intimidate and pressure consumers," said Dale Nally, Minister of Service Alberta and Red Tape Reduction.
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 combined.
Groupe Speedy Inc., represented by Jean-Maxime Nicolo, pleaded guilty to operating without a high-cost credit licence and harassment; the company was fined $15,000, and Nicolo agreed to a five-year peace bond barring any involvement in lending in Alberta. Groupe C2G Inc. and Groupe Buddy Inc., both represented by members of the Travieso-Culurides family, each pleaded guilty and received fines and peace bonds. Liftagram Inc. and a Quebec company represented by Jean-Louis Larocque pleaded guilty to operating a collection agency without a licence, and received a $5,000 fine and a peace bond.
Albertans are urged to verify lenders are properly licensed, review loan terms carefully, and understand all fees. High-cost credit loans with an APR of 32 per cent or higher require a licence; rates above 35 per cent can be illegal. Payday lenders can charge a maximum of $14 per $100 borrowed. Anyone who believes they've been targeted by unfair practices should call the Consumer Contact Centre at 1-877-427-4088.
The facts
How much were the Quebec lenders fined in total?
$85,000 in fines were handed down between April and June 2026.
What illegal tactic did these lenders use beyond high interest rates?
The companies used phone-blocking attacks to harass borrowers and intimidate them into paying debts, affecting not only borrowers but their families, workplaces, and unrelated businesses, as well as seniors' homes, elementary schools, and hospitals.
What is the maximum interest rate allowed for payday loans in Alberta?
Payday lenders in Alberta can charge a maximum of $14 per $100 borrowed. High-cost credit loans with an APR of 32 per cent or higher require a licence, and rates above 35 per cent can be illegal.
