Alberta authorities have secured multiple guilty pleas and thousands of dollars in fines against Quebec-based lenders accused of charging illegal interest rates and using intimidation tactics against borrowers.The investigation by Alberta's Consumer Investigations Unit found companies presented themselves as legitimate lenders while using illegal lending practices and aggressive methods to collect debts.Between April and June, the investigation resulted in multiple guilty pleas, fines and court-ordered restrictions under the Criminal Code and Alberta consumer protection legislation.Investigators said some of the accused used Telephony Denial of Service attacks, known as TDoS attacks, to overwhelm telephone lines and pressure borrowers into paying debts.The attacks extended beyond borrowers to their relatives, employers and unrelated third parties, according to the province.Businesses, hospitals, an elementary school and a seniors' residence were among those affected.“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 Service Alberta and Red Tape Reduction Minister Dale Nally.“We’re very glad these investigations resulted in charges and convictions.”The investigation began in 2025 after authorities received complaints about illegal lending operations targeting Albertans.Gerardo Dominique Nicolo pleaded guilty under Section 347(1) of the Criminal Code to providing loans at a criminal interest rate and was fined $5,000.Groupe Buddy Inc. and True Loans Inc., operating as Cashbuddy500.com and Truepaydayloans.ca and represented by Nicolo, pleaded guilty to harassing communications under Alberta's High-Cost Credit Regulation and were fined $25,000.Groupe Speedy Inc., operating as Speedypayloans.ca and represented by Jean-Maxime Nicolo, pleaded guilty to operating without a high-cost credit lender licence and engaging in harassing communications.The company was fined $15,000.Jean-Maxime Nicolo also entered into a five-year peace bond barring him from owning, operating or being involved directly or indirectly in a business offering or facilitating 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.The company was fined $5,000, while Travieso-Culurides entered into a five-year peace bond..Groupe Buddy Inc., represented in another case by Marc Travieso-Culurides, pleaded guilty to the same offences and received a $15,000 fine.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 of operating a collection agency without a licence and were fined $5,000.Larocque entered into a five-year peace bond restricting his involvement in lending-related businesses in Alberta.The province is warning Albertans to verify that payday lenders, high-cost credit lenders and collection agencies are properly licensed before borrowing money.Under Alberta's Consumer Protection Act, high-cost credit loans carrying an annual percentage rate of 32% or higher are regulated and lenders must hold a valid licence.Interest rates exceeding 35% may constitute a criminal offence.Licensed payday lenders may charge a maximum of $14 for every $100 borrowed. That means the maximum cost of credit on a $300 payday loan is $42, with the loan required to have a term between 42 and 62 days.Albertans who believe they have been targeted by unfair business practices can contact the province's Consumer Contact Centre to file a complaint.
