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by Mike Caswell

RBC Dominion Securities Inc. is facing a lawsuit in the Supreme Court of British Columbia from Christopher DeVocht, a Vancouver Island man who lost his entire $415-million portfolio. Mr. DeVocht claims that RBC provided him with inadequate advice as he carried out risky trades and his account suffered sharp declines. Among other things, the firm set him up with a margin account and substantial loans that amplified his risks, he says.

The allegations are contained in a notice of claim that Mr. DeVocht filed at the Vancouver courthouse on Tuesday, Oct. 1. The notice identifies Mr. DeVocht as a resident of Sooke, B.C., who had worked as a carpenter until he started suffering from health problems in 2019. Mr. DeVocht says that he began investing in his early 20s, trading derivatives, largely in Tesla Inc.

The case arises in part from the value of Mr. DeVocht's portfolio which, as set out in the lawsuit, grew enormously. At the end of 2019, he had an $88,000 portfolio, which had grown to $26-million by mid-2020, when he was 30 years old, the suit states. The substantial gains arose almost entirely from trades in shares and options in Tesla (which more than doubled during that period, reaching a $1,119 (U.S.) high).

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