Canadian Carpenter Sues RBC Over $415M Tesla Loss
A Canadian carpenter, Christopher DeVocht, has filed a lawsuit against RBC and Grant Thornton LLP, alleging poor investment advice led to a loss of $415 million CAD, primarily from his Tesla stock portfolio. DeVocht, from Sooke, BC, initially invested $88,000 CAD in Tesla in 2019, which grew to $415 million CAD by 2021. He claims he sought advice from RBC to retire early and secure his wealth, including liquidating his Tesla holdings. However, he alleges RBC did not support his plan. Instead, DeVocht claims RBC advised him to finance the loss of his Tesla portfolio through a loan using a margin account, increasing his risk. He also alleges he was advised to donate over $25 million to RBC's charitable fund for tax credits. The institution that allegedly advised DeVocht to use a margin account is FTX. Despite the lawsuit, neither DeVocht nor the defendants have commented publicly. DeVocht's lawsuit, if proven, could have significant implications for RBC and Grant Thornton LLP, potentially affecting their investment practices and public image. The outcome may also influence how financial institutions advise clients regarding high-risk, high-reward investments like Tesla stock.
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