A man who reportedly lost all his assets after turning $88,000 into $415 million is suing his investment firm and advisers, accusing them of failing to provide adequate advice when he made high-risk trades.

According to a report from (Stockwatch), a man relied on stock trading and used Tesla options to turn $88,000 into $415 million. After losing all his assets, he angrily filed a lawsuit against his investment company and advisor, accusing They failed to provide adequate advice when conducting high-risk transactions.

After reportedly making more than $400 million by trading stocks and exploiting Tesla options, the Canadian man named Christopher DeVocht hired investment firm RBC Dominion Securities, which assigned him advisers, including Grant a tax advisor at Thornton LLP, and an RBC employee who served as a "coach" in DeVocht's financial planning.

Christopher DeVocht claimed the advisers were supposed to help him protect his wealth and advise on risk-hedging strategies. DeVocht's portfolio peaked at $415 million on November 30, 2021, only to shrink rapidly when Tesla and the overall stock market crashed in 2022, and he was forced to sell Tesla shares and repay the loan to his margin account , resulting in a total portfolio collapse.

Christopher DeVocht believes his losses were due in part to inadequate advice provided by RBC and Grant Thornton LLP. Therefore, we sued these companies and consultants angrily. The lawsuit states:

"But for the inadequate advice provided by Defendants ... Plaintiffs could have protected a substantial portion of their wealth and implemented a financial plan that would not have resulted in a loss of their entire net worth."

Christopher DeVocht is currently seeking a court order seeking damages, as well as legal costs and interest.

Source