He picked the right stock at the right time and leveraged as much as he could on the way up. I doubt he'll be successful with the suit. If he's lucky he might be able to get some of the fees the bank charged. But he's not getting anything near the 415 mil he lost. He didn't get great advice from RBC but they didn't lose the money for him, he did. He lost it. Probably using the same strategy that made him millions. Unfortunately, the stock began to tank which made it easy to lose lots of money, if he didn't change his investing strategy hoping the stock would go up again. Options are great leverage for earning money but they are also terrible when you bet in the wrong direction. Bummer for the guy.
Yes for sure RBC has had a dozen lawyers write out their agreement for using their service and will have a clause or two stating they are in no way responsible and that their advice is made with best effort but the individual is ultimately responsible for any gains or losses. Poor guy. Seems like he had all his eggs in one basket and took a fall. Too bad he didn't diversify in other areas. It sounds like he wanted to but for some reason that did not happen. Perhaps it can be proven that he asked for exactly that and the agent failed to do so but again I am sure RBC has a dozen lawyers that will try and find any reason not to be liable.
It was lunacy not to cash out a few millions (at the bare minimum). A painful lesson in the follies of gambling.
Yes, I remember when I first saw bitcoin and it was I think $39 dollars and I told my wife that we should really get some I think it will be big. I did not get any and years later seeing bitcoin for tens of thousands of dollars said damn we could have been rich. But the truth is I am not a gambler and for sure would have cashed out when it was at like $1000. Hindsight is always 20/20.
Also ya for sure if you had that much money I would be buying gold, cash or whatever a few things and burying it in my back yard. $415M is insane amounts of cash. If you think of some fun math on that much if you took out $10,000 a day from that much it would take you 41,500 days before you took it all out. Or just shy of 114 years. That is wild. To lose that much I don't know how I would handle that truth.
Source article: https://www.cbc.ca/news/canada/british-columbia/man-sues-ove...