The Ontario Securities Commission (OSC) announced that Stéphane Gagnon, formerly of Ottawa, was convicted of fraud over CAD 5,000 and use of a forged document under the Criminal Code. The Superior Court of Justice in Toronto sentenced him to five years in jail less time served and ordered repayment of the net amount of the fraud totalling over CAD 7.75 million, including restitution to victims and a fine in lieu of forfeiture, with additional jail time possible if the fine is not paid. An agreed statement presented to the court recorded that, between 1 August 2015 and 31 May 2021, Gagnon received more than CAD 20 million from victims across Canada after advertising that he could help people access funds in locked-in retirement accounts if they invested in his company. He accepted funds from more than 300 investors and used a significant portion for other purposes, and admitted using forged lawyers’ letters in an attempt to continue a business relationship with a trust company into which victims’ money had been deposited. The case was brought by the OSC’s Criminal Investigations & Prosecutions team, with Criminal Code charges prosecuted by the Ministry of the Attorney General.
Ontario Securities Commission 2025-07-23
Ontario Securities Commission reports conviction and five-year jail sentence for Stéphane Gagnon in CAD 7.75 million fraud case
The Ontario Securities Commission announced Stéphane Gagnon's conviction for fraud over CAD 5,000 and using a forged document, resulting in a five-year jail sentence and a repayment order exceeding CAD 7.75 million. Gagnon fraudulently obtained over CAD 20 million from more than 300 investors by falsely promising access to locked-in retirement funds. The case was prosecuted by the Ministry of the Attorney General after an OSC Criminal Investigations & Prosecutions team investigation.