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by Mike Caswell

CIBC World Markets Inc. denies that it did anything wrong in handling the account of Kenneth Teskey, a Vancouver man who is suing after losing $3.6-million. Mr. Teskey says that CIBC failed to protect him from a fraudulent scheme involving government bonds in 2023, but CIBC claims that Mr. Teskey is the author of his own misfortune. He was an experienced investor who made his own decisions, the firm says.

The denials from CIBC come in response to a lawsuit that Mr. Teskey filed in the Supreme Court of British Columbia on July 10, 2025. Mr. Teskey claimed that he asked CIBC for advice relating to a bond program in June, 2023. CIBC recommended that he proceed with the investment, which turned out to be a complete fraud, Mr. Teskey said.

For its part, CIBC contends that Mr. Teskey's losses were caused by his own decisions. In a response and counterclaim filed on Sept. 15, 2025, CIBC describes Mr. Teskey as a sophisticated and wealthy investor. He is the former chief risk officer of MCAP Canada, one of the largest independent mortgage finance companies in the country. "As such, Mr. Teskey was intimately and professionally familiar with the concepts of yield and spread in government and corporate bonds, and the risks inherent with different types of debt investments," CIBC says.

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