Quebec's Autorite des Marches Financiers (AMF) issued a securities fraud warning against Des Alpes LLC on September 19th, stating the entity is not registered and cannot solicit investors in the province. This regulatory action underscored the risks associated with unregistered investment platforms operating outside established oversight.
The AMF explicitly stated that Des Alpes LLC lacks the necessary authorization to engage with investors in Quebec. Unregistered entities operate without regulatory scrutiny, denying participants essential protections and recourse typically afforded by licensed financial institutions. This status means the AMF cannot monitor its activities or intervene on behalf of investors should issues arise.
Des Alpes is structured as a multi-level marketing (MLM) crypto pyramid scheme, founded and led by Daniel Dalpe. Such schemes rely heavily on recruitment, promising returns that often materialize from new investor funds rather than genuine trading or product sales. The company's operations appeared to focus primarily on French-speaking Quebec residents.
The AMF's warning specifically named two additional domains associated with Des Alpes. The first, gracedesalpes.ca, served as a platform for a group of promoters known as "The Grace Team." This team included Yolene Gray, Pastor Noah, and Armel Ndounkeu, who often went by the alias "Coach Armel." These individuals actively promoted the Des Alpes scheme to the local community.
Another related domain, innitshop.com, functioned as an e-commerce website branded with Des Alpes. This added a layer of apparent legitimacy to the scheme, suggesting a tangible business model beyond mere recruitment. However, the AMF's concerns centered on the underlying financial structure and its unregistered status.
Regulatory bodies like the AMF are tasked with safeguarding the financial markets and protecting individual investors from fraudulent activities. They investigate and issue warnings against entities that operate without proper licensing, particularly those making investment solicitations. These warnings serve as critical alerts, urging the public to exercise extreme caution before committing funds.
The business model of a crypto pyramid scheme often involves a complex web of digital assets and promises of high, quick returns. Participants are frequently encouraged to recruit others to earn commissions, creating a tiered system where those at the top benefit from the investments of those below. The sustainability of such models is inherently fragile, depending on a constant influx of new money. When recruitment slows, the entire structure typically collapses.
Indeed, the AMF's September 2023 warning proved prescient. Des Alpes officially collapsed on January 14, 2026, leaving an unknown number of participants without their promised returns. The timeline from the initial regulatory alert to the scheme's failure highlights the rapid progression of such fraudulent operations once identified.
Investors considering any cryptocurrency-related opportunity should verify the registration status of the company and its promoters with their local financial regulator. In Quebec, this means checking the AMF's registers. The absence of registration is a significant red flag, indicating a lack of compliance with investor protection laws. Recovering funds from collapsed pyramid schemes, especially those involving cryptocurrencies, typically proves difficult due to the decentralized nature of transactions and the common practice of moving funds across international borders. Individuals who believe they have been affected by Des Alpes or similar schemes should contact the Autorite des Marches Financiers directly for guidance.