December 22, 2023 Investor warnings - News

Montréal – The Autorité des marchés financiers (AMF) cautions Québec consumers about fraudulent solicitations by the “firm” Finance Cabinet Conseils.

The AMF issued a first investor warning regarding this matter in 2021. At the time, the scheme involved a “firm” called Lavoie-Finance.

According to information gathered by the AMF, malicious individuals are using the names and certificate numbers of representatives registered with the AMF to solicit potential victims over Facebook with offers of private loans with highly attractive interest rates.

The AMF found that the fraudsters are using the names, titles and AMF certificate numbers of Suzanne Lavoie and André Dubois, individuals registered or formerly registered with the AMF, to make their activities appear legitimate.

The victims provide personal information to the fraudsters when filling out a purported loan application. Once the “application” is supposedly accepted, the fraudsters require certain fees to be paid to purportedly open a file or release the money.

Despite paying the fees, the victims never receive the money from the purported loans. In addition to being victims of fraud, they may also become victims of identity theft.

The AMF wants the public to know that no firm by the name of “Finance Cabinet Conseils” is registered with it and that the duly registered representatives Suzanne Lavoie and André Dubois are not attached to this purported firm or associated with the solicitations posted by it on Facebook relating to offers of private loans.

The AMF does not regulate the offering of private loans. Registration with the Office de la protection du consommateur is required to offer such loans.

We therefore recommend that you perform the following checks and steps before taking out a private loan or purchasing financial products:

• For private loans, check with the Office de la protection du consommateur This link will open in a new window
• For financial products, check the Register of firms and individuals authorized to practise or contact the AMF Information Centre to find out whether the individual or firm involved is actually registered with the AMF
• Never share your personal information or transfer any money before performing these checks

The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.

INFORMATION

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
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