Code Hunter LLP is counsel to proposed representative plaintiffs, Messrs. John Edmunds and Merlyn Steciw, against the Royal Bank of Canada in the Court of King’s Bench of Alberta.
Between 2002 and 2012, Kenneth Charles Fowler used a Royal Bank of Canada account held in the name of The Investment Exchange Mortgage Company (TIE) to process monetary transactions in a ponzi-type scheme.
Mr. Fowler solicited subscriptions for the purchase of shares in TIE, totalling approximately $27,000,000 and then used those funds for his personal benefit.
Fowler pleaded guilty to charges including fraud in 2017.
Messrs. Edmunds and Steciw were among individuals who subscribed for shares in TIE between 2002 and 2012.
Messrs. Edmunds and Steciw have sued RBC, as representative plaintiffs, and TIE has also sued RBC on account of the ponzi-type scheme.
If certified by the Court, the Class Proceeding would be brought on behalf of all Class Members. Class Members would be those persons in Alberta or elsewhere in Canada (including corporations, partnerships, trusts and the estates of persons) who subscribed for shares in TIE between 2002 and 2012.
The proposed Class Proceeding seeks financial compensation on behalf of the proposed Class Members. TIE’s claim also seeks compensation for its shareholder investors, but that claim is not subject to the Class Proceedings Act.
Class Members bear no financial responsibility for the prosecution of the Class Proceeding.
To review the allegations against RBC, please review the Amended Statement of Claim:
The Honourable Justice Poelman has been appointed to case manage this matter and an initial case conference was held August 2, 2023.
At that conference, the Court permitted TIE to conduct questioning of certain RBC Account Managers (for its claim) and required RBC to file any applications to dismiss the claims – all by October 31, 2023.
Another case conference to set a schedule for subsequent steps will be scheduled for fall 2023.
To contact our firm or to request further information and updates as a potential Class Member, please contact:
Ben Frenken, Partner
By contacting our firm or requesting information and updates as a potential Class Member, you do not take on any financial obligation related to this lawsuit.
Any information you provide our firm will be kept confidential.
To learn more about Code Hunter LLP, please explore our website.