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B.C. man sues RBC after earning then losing $415M on Tesla stocks

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A man looks around Tesla Motors' Model S P85 at its showroom in Beijing January 29, 2014. In China, where higher prices mean prestige, luxury U.S. electric carmaker Tesla is taking a bold step to win over clients and cachet by curbing the markup to just half of what some of its rivals can command.

Christopher DeVocht claims that RBC and Grant Thornton LLP breached contracts, were negligent in their duties and gave "inadequate advice" that resulted in him losing his entire fortune.A Vancouver Island man who invested in Tesla saw his fortune grow from $88,000 to $415 million before losing it all to what he claims was bad financial advice. A Sooke, B.C.

According to the claim filed in B.C. 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. "By the end of February 2020, the indicated value of his securities portfolio was approximately $5.5 million CAD. By the end of June 2020, when he was 30 years old, the indicated value ... was approximately $26 million CAD, and rising rapidly."The claim goes on to say that DeVocht wanted to move out of his rental apartment and buy a residence.

The claim says DeVocht was twice advised to donate to the RBC Charitable Gift Fund in order to obtain charitable tax credits, giving approximately $8.5 million in December 2020 and then another $17 million one year later.

 

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