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Christopher DeVocht, a man who turned an $88,000 investment into $415 million primarily through Tesla options trading, is now suing his investment firm and advisers after losing his entire fortune. The Canada-based trader claims that RBC Dominion Securities and his advisers failed to provide adequate risk mitigation advice, which led to a series of devastating financial decisions.
DeVocht’s portfolio reached its peak on Nov. 30, 2021, but as Tesla’s stock price plummeted in 2022, so did his wealth. He was forced to sell Tesla shares and repay loans from a margin account, causing his investments to collapse. DeVocht argues that RBC and his tax adviser from Grant Thornton LLP were responsible for helping him preserve his wealth, but their alleged failure to provide proper financial planning advice contributed to his downfall.
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In his lawsuit, filed in the Supreme Court of British Columbia, DeVocht seeks damages, legal costs, and interest, claiming that his advisers’ actions resulted in the total loss of his net worth. While the defendants have yet to respond to the lawsuit, the case has drawn attention for its parallels to high-risk trading in other markets, including cryptocurrency.
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