Investors who sought access to their locked-in retirement savings accounts ended up losing money instead, the Ontario Securities Commission (OSC) alleges.
The OSC announced on Wednesday that Stephane Gagnon — the operator of several firms, including the Finance Company, Unlock My RSP, SMAP Financial Service, and the Loan Shop — has been charged with one count of fraud over $5,000 and one count of using a forged document in connection with the alleged misuse of investors’ funds.
The allegations have not been proven.
The OSC alleged that, between November 2015 and May 2021, “Gagnon collected more than $20 million from investors across Canada, by promising them immediate access to their locked-in retirement savings accounts.”
Instead, the regulator said, Gagnon “used a significant percentage of investor funds for personal expenses, resulting in many investors not receiving the funds they were owed.”
The OSC said a warrant for Gagnon’s arrest has been issued.