A Canadian investor who managed to turn round $88,000 into more than $415 million through investment in shares and options in Tesla is now suing his investment firm and advisors for allegedly setting him up for financial ruin for providing him with inadequate advice.
The investor, Christopher DeVocht, made his fortune trading Tesla shares and options and claims that RBC Dominion Securities failed to provide adequate advice and risk mitigation strategies as he engaged in increasingly risky trades, according to Stockwatch.
DeVochtâs portfolio peaked in late 2021 before plummeting in 2022, when the broader market and Tesla shares experienced significant declines. Forced to sell his assets and repay loans, DeVocht lost his entire fortune, Cointelegraph noted.
From $88K to $415M to nothing.This is insane pic.twitter.com/kmLxULzkWD
â Cejay Kim (@cejaykim) October 4, 2024
In his lawsuit, DeVocht alleges that RBC and Grant Thornton LLP, a tax advisory firm, failed to properly advise him on risk management and financial planning. The lawsuit, filed in the Supreme Court of British Columbia in Canada, sees DeVocht seek court-ordered damages, added to legal costs and interest.
The lawsuit comes at a time in which the total money supply in the United States, the Eurozone, Japan, and China has for the first time in history reached $89.7 trillion, having skyrocketed by a whopping $7.3 trillion over the past year.
The M2 money supply, which includes physical currency in circulation, savings and time deposits, and money market funds, has been growing every month since February, data shows.
The growth of money supply has seen the stock marketâs benchmark index, the S&P 500, add around $8 trillion to its market capitalization so far this year after surging more than 20%.
Featured image via Unsplash.