TIEMC-RBC
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 (TIEMC) to process monetary transactions in a ponzi-type scheme.
Mr. Fowler solicited subscriptions for the purchase of shares in TIEMC, 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 TIEMC between 2002 and 2012.
Messrs. Edmunds and Steciw have sued RBC, as representative plaintiffs, and TIEMC 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 TIEMC between 2002 and 2012.
The proposed Class Proceeding seeks financial compensation on behalf of the proposed Class Members. TIEMC’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 was appointed to case manage this matter and on 15 and 16 January 2025 he heard the certification application.
Justice Poelman reserved his decision and so will take some time to consider the result before releasing a decision. There is no specified timeline for that, but that is expected to be a matter of months.
To contact our firm, to request further information and updates as a potential Class Member, or to provide any information to our firm, please contact Ben Frenken.
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.