A Manitoba credit union denies responsibility for a Winnipeg man’s loss of nearly $650,000 in a fraud scheme. Peter Squire has filed a lawsuit against Access Credit Union and the Royal Bank of Canada after losing his retirement savings to a scammer in 2022.
According to the lawsuit, Squire received an unsolicited call from a person claiming to be a senior portfolio manager at the Bank of Montreal, identified in the case as John Doe. The fraudster allegedly convinced Squire to transfer funds from his Access Credit Union account in two transactions in November 2022—one for $175,000 and another for $473,290.08. The money was sent to a Toronto RBC account controlled by fraudsters and was never recovered.
Squire’s lawsuit claims Access Credit Union negligently facilitated the fraud by failing to ask appropriate questions or conduct necessary inquiries before processing the wire transfers. However, in its defence statement filed on Jan. 15 at the Court of King’s Bench in Winnipeg, the credit union denies any negligence and argues that Squire’s loss resulted from his own actions, including trusting an unsolicited investment opportunity from an unknown individual.
The credit union states that it questioned the legitimacy of the first wire transfer and offered Squire a bank draft as a lower-risk option, which he declined. When Squire requested the second wire transfer, he allegedly reassured the credit union of its legitimacy and expressed frustration over the inquiries. ACU maintains that it followed due diligence but ultimately processed the transactions at Squire’s insistence.
RBC, also named in the lawsuit, has not yet filed a defence statement. RBC communications director Cheryl Brean declined to comment, citing ongoing legal proceedings.
Access Credit Union has filed a crossclaim against RBC, seeking indemnification for any damages it may be required to pay Squire, alleging that RBC contributed to the losses. Access Credit Union chief marketing officer Adam Monteith declined to comment on the litigation.
Squire, when contacted, expressed his determination to see the legal case move forward but deferred further statements to his lawyers.
Source: Swifteradio.com
