Christopher DeVocht claims that RBC Dominion Securities Inc., RBC Wealth Management Financial Services Inc., and Grant Thornton LLP breached contracts, were negligent in their duties and gave inadequate advice that led to him going completely bust. Supreme Court, DeVocht was a small, part-time investor with a portfolio of mainly Tesla Inc. stocks and derivatives that was worth $88,000 at 2019 year-end. He contacted a representative at RBC Private Banking about obtaining a loan against the equity in his RBC trading account and was introduced to an RBC financial management adviser. According to the claim, DeVocht was provided with an RBC margin account which allowed him to easily borrow money to make trades. DeVocht claims that poor financial advice from RBC led him to lose hundreds of millions of dollars.

Source: CBC News October 08, 2024 14:47 UTC