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by Mike Caswell

CIBC World Markets Inc. is facing a lawsuit in the Supreme Court of British Columbia from a client who claims that the firm failed to protect him from a fraud that cost him $3.6-million. The client, Kenneth Teskey, says that he fell victim to a scheme involving government bonds in 2023. Mr. Teskey claims that he had asked CIBC to review the bonds and invested his money through his CIBC account, but the firm did not "exercise the requisite diligence" to detect the fraud.

The allegations are contained in a notice of claim that Mr. Teskey filed at the Vancouver courthouse on July 10, 2025. In addition to CIBC World Markets, the suit names as defendants Lawrence Schouten and Janey Tey, both employees of the firm. Also named are several John Does and two private entities allegedly associated with the scheme, Imperial Trading Inc. and CanadianForex Ltd.

Mr. Teskey, who identifies himself as a "loyal CIBC WM client" of three decades, says that he asked the firm to advise him on a bond scheme that he learned of on June 15, 2023. The suit says little about the program, other than to mention that it had something to do with government bonds and was associated with the name Schroders. According to the suit, CIBC advised Mr. Teskey to proceed with the investment.

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