Christopher DeVocht, a Canadian investor who turned an $88,000 investment into $415 million before losing it all, has filed a lawsuit against RBC Dominion Securities and his financial advisers for allegedly failing to provide proper advice during his high-risk trades.
The lawsuit by the former carpenter from Vancouver Island was reported by Stockwatch on October 3 and accuses RBC and Grant Thornton LLP of contributing to his financial downfall.
From $88K to $415M to nothing.
This is insane pic.twitter.com/kmLxULzkWD
— Cejay Kim (@cejaykim) October 4, 2024
DeVocht amassed his wealth through trading shares and Tesla options but claims that his advisers failed to implement necessary risk mitigation strategies. According to the lawsuit, he saw his portfolio grow from $88,000 in late 2019 to $26 million by mid-2020.
However, DeVocht’s portfolio eventually surged to $415 million by the end of 2021, before suffering massive losses in 2022 when Tesla’s stock and the broader market hit with sharp declines.
He alleges that RBC set him up with a margin account and large loans that backfired when the stock market, particularly Tesla, collapsed. The rapid decline forced him to sell his shares and repay loans, wiping out his portfolio.
The lawsuit states that the advisers were responsible for helping DeVocht preserve his wealth, but their inadequate guidance led to his financial wipeout. DeVocht is seeking damages, legal costs, and interest, arguing that with proper advice, he could have preserved a large portion of his fortune.
The lawsuit has been filed in the Supreme Court of British Columbia, but neither RBC nor Grant Thornton LLP has yet filed a response.
