The author of the book From bum to millionaire could become one again miserable. Jocelyn Grégoire has just suffered a setback in court against the Financial Markets Authority (AMF): his activity as a mortgage broker, which was illegal from the outset, is banned until further notice.
• Also read: The AMF files a lawsuit against real estate influencer Jocelyn Grégoire
“The protection of the public is at risk,” said the Administrative Court for Financial Markets (TMF) in its decision on December 5th.
The investor must immediately stop lending as required by the AMF. The merits of the case will be decided later.
Grégoire and his company Cedma Finance would otherwise commit “serious and serious violations” of two laws, writes judge Antonietta Malchiorre.
The 49-year-old influencer has promised to “help people achieve financial freedom” since his debut in 2013. His group “Real Estate Fanatics” has 96,000 members on Facebook.
Founded in 2013 by Jocelyn Grégoire, the group is still active on social networks. Screenshot of the Real Estate Buffs Facebook group from December 12th
Grégoire’s approach is described in the TMF decision: borrowers “who do not meet the requirements of traditional financial institutions” sign him a letter of commitment, then he finds “partners” who invest in the loan.
These “partners” would actually come from “a list of 200 people” with whom he or Cedma Finance “already had business relationships.”
However, neither Grégoire nor Cedma have the necessary licenses to operate as mortgage brokers. For this reason, according to the judge, they violate the law on the distribution of financial products and services and the securities law.
During his questioning 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,” states the AMF.
Jocelyn Grégoire was not available for an interview on Tuesday “due to his family commitments as a father of six children currently affected by the strike in the teaching sector and out of consideration for the fact that the matter is also pending in court,” he said his lawyer told us.
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Back to court
The businessman has been under attack since the spring in an AMF lawsuit that accuses him of illegal investments, illegal activity as a mortgage broker and illegal activity as a securities broker.
Grégoire argued before the judge that Cedma Finance was not a company offering products and services in the field of mortgage brokerage, but rather a private lender not subject to the law on the distribution of financial products and services.
Cedma Finance must be considered a private lender, he told the court, as it commits itself to borrowers according to the terms and conditions set out in the commitment letter.
For him, the TMF’s decision is a setback.
The man presents himself on LinkedIn as an investor, serial entrepreneur and trainer in the real estate sector.
He was already the subject of reports in 2020 and 2021 when investors sued him, saying they would bitterly regret ever having any involvement with him.
A Journal report also highlighted his ties to an individual arrested as part of Operation SharQc, which aimed to dismantle the Hells Angels in 2009.
The power of the web
In his 2020 book, Grégoire reveals that he was already in prison and had connections to organized crime.
In 2008, when he was 34, he “started his life from scratch,” he wrote. Shortly afterwards he founded the magazine Les Mordus d’immobilier, which has since developed into a popular Facebook group.
The AMF argues that Jocelyn Grégoire actively “uses the Internet, social media and email to solicit the public to obtain financing for various real estate investment projects.”
As of December 8, three days after the TMF decision, Jocelyn Grégoire was still displaying her personal loan activity on her personal page. Screenshot of the Facebook page “jocelyn.gregoire.7” from December 12th
On the “Real Estate Fans” page, it particularly announces training courses, webinars and other events in the area of real estate investment.
This type of advertising is now banned as he is banned from advertising his work as a mortgage broker on the internet.
The case is now in court as Judge Malchiorre’s decision is only provisional.
Jocelyn Grégoire and Justice
July 2020
Royal Bank’s $1.3 million lawsuit against Grégoire and others. Crackboom – a franchisor of advertising screens installed in businesses it partially owns – failed to pay its debts during the pandemic, the bank alleges.
October 2020
$8 million lawsuit filed by 15 retail investors against Grégoire and others. They were asked to invest between $45,000 and $65,000 in Crackboom with the promise of an annual profit of $190,000 to $430,000, which would never have happened. The dispute was settled out of court.
November 2020
Seizures of two of Grégoire’s houses. 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 Supreme Court bars him from selling at least 30 buildings because he is suspected of hiding assets or reducing their value.
July 2023
The AMF takes extreme measures to force Grégoire out of business. The market police officer accuses him of illegal investments, illegal activity as a mortgage broker and illegal activity of securities brokerage.
December 2023
A TMF judge recognizes the danger and orders Grégoire to immediately stop lending until further notice.
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