The Cautionary Tale of Christopher DeVocht: From $88K to $415 Million and Back to Zero
Christopher DeVocht, a Canadian carpenter, turned $88,000 into a staggering $415 million, only to lose it all in a devastating turn of events. After quitting his job in 2019 due to health issues, DeVocht shifted his focus to the stock market, quickly building a substantial portfolio.
The Rise
By his 30th birthday, his wealth soared to $26 million, primarily fueled by investments in Tesla shares and options. The Royal Bank of Canada's Dominion Securities recognized his success and assigned advisers to help manage his growing investments, even setting him up with a margin account to increase his buying power.
As Teslaâs stock peaked in late 2021, DeVocht's portfolio reached an all-time high of $415 million. Living the dream, he even donated $17 million to charity.
The Fall
However, the stock market downturn in 2022 hit hard, and Tesla's share price plummeted. As his net worth dwindled, DeVocht made a series of risky trades in an attempt to recover his losses. He was forced to sell Tesla shares to repay margin loans, leading to a rapid decline in his portfolio.
Seeking Justice
Now, DeVocht finds himself with nothing and has launched a lawsuit against RBC Dominion Securities. He claims the firm failed to provide adequate advice during his financial decline and exacerbated his risks through the margin account.
This story serves as a stark reminder of the volatility of the stock market and the importance of sound investment strategies.
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