The author of the book From bum to millionaire could become one again bum. Jocelyn Grégoire has just suffered a setback in court against the Financial Markets Authority (AMF): his activities as a mortgage broker, deemed a priori illegal, are prohibited until further notice.
• Read also: The AMF files a lawsuit against real estate influencer Jocelyn Grégoire
“The protection of the public is compromised,” declared the Administrative Tribunal for Financial Markets (TMF) in its decision of December 5.
The investor must immediately stop lending money, as requested by the AMF. The merits of the case will be decided later.
Grégoire and his company, Cedma Finance, would otherwise commit “serious and serious breaches” of two laws, writes judge Antonietta Malchiorre.
The 49-year-old influencer has promised since his debut, circa 2013, to “help people free themselves financially”. His group, “Real Estate Fanatics,” has 96,000 members on Facebook.
The group founded in 2013 by Jocelyn Grégoire is still active on social networks.
screenshot of the Facebook group “Real Estate Buffs” dated December 12
Grégoire’s modus operandi is described in the TMF decision: borrowers “who do not qualify with traditional financial institutions” sign him a letter of commitment, then he finds “partners” who will invest in the loan.
These “partners” would in fact come from “a list of 200 people” with whom he or Cedma Finance “already had business ties”.
However, neither Grégoire nor Cedma hold the licenses required to act as mortgage brokers. This is why, indicates the judge, they contravene the Act respecting the distribution of financial products and services as well as the Securities Act.
During his interrogation in court, Jocelyn Grégoire admitted that he receives 25% to 35% of his income from Cedma Finance.
“The Authority is obviously very satisfied with this decision,” indicates the AMF.
Jocelyn Grégoire was not available for an interview on Tuesday, “given his family obligations as the father of six children currently affected by the strike in the teaching sector and out of deference considering that the matter is pending before the courts in addition,” his lawyer told us.
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Return to court
The businessman has been attacked since the spring in a lawsuit from the AMF, which accuses him of illegal investments, illegal exercise of activities as a mortgage broker and illegal exercise of securities broker.
Grégoire argued before the judge that Cedma Finance is not a firm which offers products and services in the field of mortgage brokerage, but rather a private lender which is not subject to the Act respecting the distribution of financial products and services.
Cedma Finance must be considered a private lender, he said in court, because it commits to borrowers according to the conditions provided for in the commitment letter.
The TMF’s decision is therefore a setback for him.
The man presents himself on LinkedIn as an investor, multi-entrepreneur and trainer in the field of real estate.
He has already been the subject of reports in 2020 and 2021, when investors sued him, saying they bitterly regretted having ever rubbed shoulders with him.
A report from Newspaper also highlighted his links with an individual arrested in Operation SharQc, which aimed to dismantle the Hells Angels in 2009.
The power of the web
In his book published in 2020, Grégoire reveals that he has already served time in prison and that he had links with organized crime.
It was in 2008, when he was 34 years old, he wrote, that he “started his life from scratch”. Shortly after, he launched the magazine Real estate enthusiastswhich has since become a popular Facebook group.
The AMF argues that Jocelyn Grégoire actively uses “the internet, social media and email to solicit the public in order to obtain financing for various real estate investment projects”.
Jocelyn Grégoire still displayed her private loan activities on her personal page on December 8, three days after the TMF decision.
screenshot of the Facebook page “jocelyn.gregoire.7” dated December 12
On its “Real Estate Fans” page, it notably announces training courses, webinars and other events in the field of real estate investment.
This type of advertising is now prohibited, since he is banned from promoting his activities as a mortgage broker on the internet.
The case is now taking its course in court, as Judge Malchiorre’s decision is only provisional.
Jocelyn Grégoire and justice
July 2020
Royal Bank’s $1.3M lawsuit against Grégoire and others. Crackboom – a franchisor of advertising screens installed in businesses that it partly owns – did not pay its debt during the pandemic, accuses the bank.
October 2020
$8 million lawsuit from 15 small investors against Grégoire and others. They were asked to invest between $45,000 and $65,000 in Crackboom with the promise of annual profits of $190,000 and $430,000, which would never have happened. The dispute was settled out of court.
November 2020
Seizures of two houses belonging to Grégoire. The dispute pits him against a co-owner of Crackboom, Daniel Jutras – a man with a criminal past notably arrested in Operation SharQc, which aimed to dismantle the Hells Angels.
March 2021
A Mareva type order is issued against Grégoire. The Superior Court prohibits him from selling at least 30 buildings, because he is suspected of hiding assets or reducing their value.
July 2023
The AMF is taking extreme measures to put Grégoire out of business. The market policeman accuses him of illegal investments, illegal exercise of activities as a mortgage broker and illegal exercise of securities broker.
December 2023
A TMF judge recognizes the danger and orders Grégoire to immediately stop lending money until further notice.