Million dollar credit union fraud trial delayed until June

The trial of three people charged in 2016 with defrauding Bayshore Credit Union of more than a million dollars has been delayed until June 2019 at the Ontario Court of Justice in Belleville, ON.

In October 2015 Belleville police were contacted by the credit union about the actions of a former employee. In May 2016 following an investigation, Belleville police said more than $1 million had been stolen between January 2010 and June 2015 and three people were charged.

Cheryll Drumm of Belleville was charged with theft over $5,000, money laundering and breach of trust. Drumm had been a clearing officer with Bayshore.

Also charged were George Misuraca of Belleville, who was charged with breach of trust, fraud over $5,000 and theft over $5,000. Allan William Lasher of Belleville was charged with fraud over $5,000 and theft over $5,000.

All three were released in 2016 on promises to appear in court.

After a lengthy delay, the Crown decided a year ago to proceed by way of a direct indictment, skipping a preliminary hearing. But a court date set for July 2018 to select a jury was changed until December 3. Now, that date has been set aside and jury selection pushed to June 3, 2019.

Since the charges were laid, Bayshore has ceased to exist. In January 2017 Quinte First Credit Union Limited was formed through the amalgamation of Bayshore Credit Union Ltd. and QuintEssential Credit Union Limited. Quinte First has a branch in each of Belleville, Trenton and Frankford. At the end of 2017 it had assets of $207 million.

Bayshore Credit Union Ltd. was granted its charter in October 1952 and served as CNR Employees (Belleville) Credit Union Ltd. until 1971 when membership was opened to the community and the name changed to The Belleville Community Credit Union Ltd. The credit union changed its name to Bayshore Credit Union Ltd. in 1988, when it opened a branch in Trenton.

QuintEssential Credit Union was chartered in 1954 as Norlecto Employees Credit Union Ltd. and provided financial services to the employees of Northern Electric in Belleville. In 1976, the credit union expanded to a community bond. In 2000 Trenton Federal Credit Union and Quinte Savings and Credit Union amalgamated to form Quinte Community Savings & Credit Union. In 2004 its name was changed to QuintEssential.

I’ll cover the fraud trial when it finally does take place.

Freelance journalist.

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