For Immediate Release OSC

TORONTO – The Ontario Securities Commission (OSC) announced that Stephane Gagnon, formerly of Ottawa, Ontario has been charged with two offences under the Criminal Code of Canada.

Mr. Gagnon has been charged with one count of fraud over $5,000 contrary to Section 380(1)(a), and one count of using a forged document as if it were genuine contrary to Section 368(1).

The charges are in relation to Mr. Gagnon’s role as the sole officer and director of 8565287 Canada Inc., which also operated under the following business names: The Finance Company, Unlock My RSP, SMAP Financial Service, and The Loan Shop.

The OSC alleges that from November 1, 2015 to May 31, 2021, Mr. Gagnon collected more than $20 million from investors across Canada, by promising them immediate access to their locked-in retirement savings accounts. Mr. Gagnon instead used a significant percentage of investor funds for personal expenses, resulting in many investors not receiving the funds they were owed.

A warrant for Mr. Gagnon’s arrest has been issued.

Any investors who were solicited by Mr. Gagnon or who invested in 8565287 Canada Inc. should contact the OSC’s Contact Centre at 1-877-785-1555 (Toll Free) or [email protected]

This investigation was conducted by a team within the OSC Enforcement branch that investigates quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.  To date, this team has pursued 53 quasi-criminal and criminal matters involving 77 accused.

Charges laid under the Securities Act (quasi-criminal) are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

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