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Stop Press
National Press Release (click
here to download court application)
E-Mail: classaction_cpa@hotmail.com
New Westminster, B.C., April 15, 2005. John Ruiz Dempsey BSCr,
LL.B, a criminologist and forensic litigation specialist filed
a class action suit on behalf of the People of Canada alleging
that financial institutions are engaged in illegal creation
of money. The complaint filed Friday April 15, 2005 in the
Supreme Court of British Columbia at New Westminster, alleges
that all financial institutions who are in the business of
lending money have engaged in a deliberate scheme to defraud
the borrowers by lending non-existent money which are illegally
created by the financial institutions out of “thin air.”
Dempsey claims that creation of money out of nothing is ultra
vires these defendants’ charter or granted corporate
power and therefore void and all monies loaned under false
pretence contravenes the Criminal Code. The suit which is
the first of its kind ever filed in Canada which could involve
millions of Canadians alleges that the contracts entered into
between the People (“the borrowers”) and the financial
institutions were void or voidable and have no force and effect
due to anticipated breach and for non-disclosure of material
facts. Dempsey says the transactions constitutes counterfeiting
and money laundering in that the source of money, if money
was indeed advanced by the defendants and deposited into the
borrowers’ accounts, could not be traced, nor could
not be explained or accounted for.
The suit names Envision Credit Union (“Envision”),
a credit union; Laurentian Bank of Canada (“Laurentian
Bank”), Royal Bank of Canada (“Royal Bank”),
Canadian Imperial Bank of Commerce (“CIBC”), Bank
of Montreal (“BOM”), TD Canada Trust (“Canada
Trust”) and Canadian Payment Association (“CPA”)
as civil conspirators. The plaintiff in the lawsuit is seeking
recovery of money and property that was lost by way of confiscation
through illegal “debt” collection and foreclosure.
The Plaintiff is also seeking for the return of the equities
which rightfully belongs to the People of Canada, now being
held by the defendant financial institutions as constructive
trustees without color of right.
At all material times, these defendant banks and all of them
have no legal standing to lend any money to borrowers, because:
1) these banks and credit unions did not have the money to
lend, and therefore they did not have any capacity to enter
into a binding contract; 2) the defendants did not have any
cash reserve, they are not legally permitted to lend their
depositor’s or member’s money without expressed
written authorization form the depositors, and: 3) the defendants
have no tangible assets of their own to lend and all their
“assets” are “paper assets” which
are mainly in the form of “receivables” created
by them out of “thin air,” derived out of loans
whereas the monies loaned out were also created out of thin
air. Other than bookkeeping and computer entries, no money
or substance of any value was loaned by the defendants to
the Plaintiff. In all of the loan transactions entered into
between the Plaintiff and the Defendants, the financial institutions
did not bring any equity to any of the transaction. All the
equities were provided by the borrowers. The practices of
the defendant financial institutions alleged in the complaint
starkly contrast the practices of responsible and ethical
money lenders who actually lend real, tangible, legal tender
cash money. The complaint alleges that the loan transactions
are fraudulent because no value was ever imparted by the defendants
to the Plaintiff; these defendants did not risk anything,
nor lost anything and never would have lost anything under
any circumstances and therefore no lien has been perfected
according to law and equity against the Plaintiff. The foreclosure
proceedings which comes as a result of the borrower defaulting
on such fraudulent loans were carried out in bad faith by
the defendant banks and credit unions, and as such, these
foreclosures were in every respect unlawful acts of conversion
and unlawful seizure of property without due process of law
which always results in the unjust enrichment of the defendants.
The suit alleges that the defendants utilize fraudulent banking
practices whereby they deceive customers into believing that
they are actually receiving “credit” or money
when in fact no actual money is being loaned to their customers.
However, the complaint describes a practice whereby there
is realistically no money other than ledger or computer entries
being loaned to the borrowers. Rather than real money being
received by the borrowers, “electronic” or “digitally
created money”, created out of nothing, at no cost to
the financial institutions are entered as “loans”
into their customers’ accounts. The borrowers are then
required to pay criminal interest rates for the money they
never received. The suit alleges that the defendants effectively
turn consumers into virtual debt slaves, forcing them to pay
for something they never received, and then seizing their
properties if they can no longer pay the banks with real money.
There is no law in Canada that could remotely suggest that
the defendant financial institutions have the legal right
to create money out of nothing. Dempsey says: “only
God has the power to create anything out of nothing.”
The class action suit, the first and the biggest of its kind
in Canada is intended to give the justice system the opportunity
to prove itself to the People of Canada who is really in control
or whether they would continue to allow itself to be used
by the banks as a tool in their unlawful and fraudulent banking
practices which always ends in the enslavement of the people
and confiscation of the people’s properties.
Two other class action suits were filed by John Ruiz Dempsey
against the banks. The first one was filed by Dempsey on behalf
of Ian Dennis Gravlin of Calgary, Alberta and Pavel Darmantchev
of Kelowna, B.C. versus the Canadian Imperial Bank of Commerce.
This matter is set for case management conference hearing
on April 26, 2005. The Plaintiffs expects a stiff opposition
from the defendant’s law firm. Madam Justice Garson
is the case management judge assigned to the case.
A second class action suit was filed against MBNA CANADA BANK
on behalf of Pavel Darmantchev of Kelowna, B.C., Ian Dennis
Gravlin of Calgary, Alberta and Dena Alden of Vancouver, B.C.
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