Quebec-based illegal lenders targeted Albertans with predatory interest rates and launched cyberattacks on hospitals, schools and homes to force debt repayments, provincial regulators say.
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An investigation led by Alberta’s Consumer Investigations Unit (CIU) resulted in multiple guilty pleas, criminal fines and peace bonds between April and June 2026. Investigators found the operations charged criminal interest rates while operating without proper licensing under provincial consumer protection laws.
To pressure borrowers into paying, the lenders deployed Telephony Denial of Service (TDoS) attacks, flooding phone networks to disable lines. The campaign targeted borrowers, their family members, employers and unrelated third parties, including private businesses, a seniors’ residence, an elementary school and local 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,” said Dale Nally, minister of service Alberta and red tape reduction.
Several key entities and individuals faced sanctions following the probe:
- Gerardo Dominique Nicolo, representing Groupe Buddy Inc. and True Loans Inc. (operating as Cashbuddy500.com and Truepaydayloans.ca), pleaded guilty to providing loans at a criminal interest rate under the Criminal Code and received a $5,000 fine. The corporate entities were fined $25,000 for harassing communications.
- Jean-Maxime Nicolo, representing Groupe Speedy Inc. (operating as speedypayloans.ca), entered into a five-year peace bond banning him from the loan industry in Alberta. The company was fined $15,000 for unlicensed high-cost lending and harassing communications.
- Mathieu Travieso-Culurides and Groupe C2G Inc. (operating as cash2gonow.com) were fined $5,000 for unlicensed operations and harassing communications, with Travieso-Culurides receiving a five-year peace bond.
- Marc Travieso-Culurides, also representing Groupe Buddy Inc., was fined $15,000 and placed on a five-year peace bond.
- Jean-Louis Larocque, representing Liftagram Inc. and 9418-9024 Quebec Inc., was fined $5,000 for operating an unlicensed collection agency and agreed to a five-year peace bond.
Provincial officials advise consumers to verify that high-cost credit lenders, payday lenders and collection agencies hold valid licenses before borrowing. Under Alberta law, payday lenders cannot charge more than $14 per $100 borrowed, while interest rates above 35 per cent may constitute a criminal offence.
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