Summary judgment in fraud granted against former director of Caisse Populaire

Stockwoods partner Brendan van Niejenhuis successfully obtained judgment in excess of $2.4M against Nicol Malette, a former Director of the Caisse Populaire D’Iroquois Falls in Iroquois Falls, Ontario.  In a lengthy series of fraudulent transactions uncovered in 1997, Malette and the former General Manager of the Caisse Populaire directed funds to Malette’s granite and funeral home companies operating in various locations in northern Ontario.  The scale of the fraud and ongoing concealment of losses ultimately resulted in the insolvency of the Caisse Populaire.  Stockwoods acted on the case on behalf of the Deposit Insurance Corporation of Ontario, which assumed the Caisse Populaire’s claims subsequent to its insolvency.  To read the judgment of Justice Mew, click here.