Montreal businessman denies owing bank for alleged debts of company linked to Anne Squires

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A Montreal businessman has filed a statement of defence to a lawsuit brought against him in Newfoundland over alleged debts owed by a numbered company linked to Exit Realty on the Rock owner Anne Squires. The Bank of Montreal sued Shawn Frank last month, alleging that he is on the hook for $119,400, plus costs, related to a guarantee he provided for an unpaid debt owed by 71353 Newfoundland and Labrador Inc. In court documents, Frank says he does not owe the bank any money.

CBC News revealed in February that Frank and his two brothers were the founding directors of Exit Realty on the Rock when it was launched in 2004. Frank was once accused by federal regulators of running a $60-million deceptive telemarketing operation. However, a series of court delays led a Quebec judge to stay the charges in 2013, and the case never went to trial.

By: Rob Antle
Read the full article at CBC News.