A man who turned $88,000 into $415 million and then lost it all has sued his investment firm and advisor, accusing them of failing to provide adequate advice and leading him to make high-risk trades.

Christopher DeVocht claims that RBC Dominion Securities opened a margin account for him and provided him with a large loan, which ultimately led to the wiping out of his entire portfolio.

DeVocht built his fortune primarily by trading stocks and Tesla options. He then hired RBC, which assigned an adviser that was supposed to help him preserve his wealth by recommending strategies to reduce risk.

DeVocht's portfolio peaked at $415 million on November 30, 2021, but fell sharply when Tesla and the broader market crashed in 2022. He was forced to sell a large number of Tesla shares and repay the loan on the margin account, which resulted in the portfolio being emptied.

DeVocht believes inadequate advice from RBC and Grant Thornton LLP was partly responsible for its losses.

DeVocht is seeking damages as well as legal fees and interest. RBC Wealth Management Financial Services and Thornton are also named as defendants in the lawsuit, which was filed in the Supreme Court of British Columbia, Canada. The defendants have not yet filed their responses.