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by Mike Caswell

Ventum Financial Corp. has filed a lawsuit in the Supreme Court of British Columbia against a former Victoria-area employee, Robert Gialet, claiming that Mr. Gialet owes the firm $573,596. Ventum says that Mr. Gialet left the firm earlier this year, citing dissatisfaction among his clients, but at the time had not yet repaid loans he received from Ventum. Those loans were forgivable, but only if Mr. Gialet's $115-million book of business remained at Ventum, the suit states.

The allegations are contained in a notice of claim that Ventum filed at the Vancouver courthouse on Tuesday, June 10. The sole defendant is Mr. Gialet, who had been with Ventum and a predecessor, Echelon Wealth Partners Inc., since Jan. 17, 2020. He provided "tailored investment opportunities designed to create wealth, generate income, and preserve capital," the suit states.

The case centres around a package of forgivable loans that Mr. Gialet received when he came to Echelon. The loans were contingent on the client assets that Mr. Gialet brought to the firm, which were $115-million, according to the suit. Provided that Mr. Gialet continued to meet set amounts of client assets, the $1.15-million in loans would be forgiven over time, the suit states.

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