Peter Squire says he was devastated when he learned he had lost his retirement savings to someone posing as an investment adviser with a major Canadian bank.
A Winnipeg man who says he lost nearly $650,000 in retirement funds to an alleged fraud scheme is suing a credit union and a bank in what the lawsuit calls a case of ‘financial elder abuse’.Peter Squire, 68, filed a lawsuit at the Court of King's Bench in Winnipeg on Thursday. He lost nearly $650,000 in retirement funds in November 2022, and he is suing for damages.
John Doe gained Squire's trust and convinced him to make two electronic transfers of funds — one in the amount of $175,000, and another a few days later in the amount of $473,290.08, the lawsuit says. Peter Squire sent two wire transfers from an Access Credit Union branch in Winnipeg in November 2022. The credit union's chief marketing officer is not commenting on the suit during the litigation process, it said in a statement to CBC News.
"By closing its eyes on the red flags, failing to ask appropriate questions and make appropriate inquiries", the credit union "breached its duty of care to plaintiff and negligently, recklessly or knowingly facilitated the fraud perpetrated against plaintiff," the claim says.
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