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by Mike Caswell

Harbourfront Wealth Management Inc. has filed a lawsuit against Nelson Young, a former employee who recently left the firm and joined Raymond James Ltd. the same day. Harbourfront claims that it lent Mr. Young $2.25-million when he started work there, but Mr. Young did not repay the full amount. The loan was forgivable, but only if Mr. Young stayed with Harbourfront for seven years.

The allegations are contained in a brief notice of claim that Harbourfront filed at the Vancouver courthouse on Wednesday, Sept. 16. The case arises from an agreement that Mr. Young entered into on Jan. 17, 2024, when he began work at Harbourfront. According to the suit, Harbourfront lent Mr. Young $2.25-million in four instalments, advancing the money as Mr. Young met sales targets. The loan was to be forgivable over a period of 84 months, or seven years, provided Mr. Young stayed with the firm, the suit claims.

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