Public alerted over one website in particular
The Autorité des marchés financiers (AMF) has issued warnings to Québec consumers regarding fraudulent activities in mortgage brokerage and private loan offerings. The financial regulator has identified multiple websites and individuals operating without proper registration, posing significant risks to consumers.
Unregistered mortgage brokerage
The AMF specifically alerted the public about the website dr-hypotheque.ca, operated by Daniel Cousineau-Claveau. Despite not being registered with the AMF, Cousineau-Claveau has offered mortgage brokerage services through this site, it stated. On April 18, 2024, he was found guilty of illegally conducting a mortgage brokerage business and was fined $193,440. He manipulated property prices and falsified personal and financial information to secure loans for clients in financial distress, according to the report.
The AMF outlined that Cousineau-Claveau has a history of similar offenses. On May 20, 2021, he was found guilty of related acts by the Court of Québec. He also has an extensive criminal record involving financial crimes. The AMF emphasized that dr-hypotheque.ca should not be confused with “Docteur hypothèque,” a legitimate business operated by AMF-registered mortgage broker Félix Di Gennaro.
Fraudulent private loan websites
The AMF also warned against fraudulent websites offering private loans with appealing interest rates. These scams typically involve victims being asked to pay fees for file opening, professional services, or insurance via Interac transfers to personal email addresses. After paying these fees, victims do not receive the promised loan funds.
Notable fraudulent websites include:
- paolofolco-courtier.ca
- landry-courtier.com
- courtiercanada.ca
- courtier-canada.com
- tremblay-solutions.ca
- sirois-finance.ca
Some of these sites misuse the names of legitimate, AMF-registered representatives and firms, causing confusion. For instance:
- Paolo Folco, registered in mortgage brokerage and insurance.
- Bruno Landry Courtier Assurance-crédit inc., registered in commercial-lines damage insurance.
- Tremblay Solutions Financières inc., registered in insurance of persons.
The AMF clarifies that the legitimate representatives and firms do not solicit or advertise through these fraudulent websites. Additionally, none of the names used in the fraudulent websites are registered with the AMF.
Protection measures for consumers
The AMF advises consumers to:
- Verify the registration of individuals or firms with the AMF by checking the register of firms and individuals authorized to practise or contacting the AMF Information Centre.
- Confirm the identity of registered individuals or firms using contact information provided by the AMF.
- Refrain from sharing personal information or transferring money without performing these checks.
The AMF is dedicated to maintaining a dynamic, trustworthy financial sector. It regulates activities in insurance, securities and derivatives, financial product and service distribution, deposit institutions, mortgage brokerage, and credit assessment.
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