This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Whitehaven Securities Inc. is facing a lawsuit in the Supreme Court of British Columbia from Ching Nan Chen, a Burnaby man who claims that the firm mismanaged his retirement savings. Mr. Chen says that Whitehaven pitched him products that were the "safest" and that could supposedly generate annual returns of 10 to 15 per cent. In reality, Whitehaven placed his money into illiquid funds that were later placed into court-ordered administration, Mr. Chen claims.

The allegations are contained in a notice of claim that Mr. Chen, 61, filed at the Vancouver courthouse on April 30, 2026. He filed the lawsuit on behalf of himself and his wife, Ying Hai Chen, 60. In addition to Whitehaven, the lawsuit names as a defendant Lisa Sam, who was a representative of the firm in Vancouver.

The case arises from accounts that Mr. Chen and his wife opened in February, 2023, through Ms. Sam. According to the suit, Ms. Sam "induced the plaintiffs" to transfer investments from other firms to Whitehaven. Mr. Chen says that he relied on Ms. Sam for advice, and he told her that he intended to retire within five years and that his wife earned no income. Moreover, he and his wife had no experience investing, the suit states.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS