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Canaccord Financial Inc
Symbol C : CF
Shares Issued 83,413,156
Close 2012-02-17 C$ 9.24
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Canaccord sued by retirees over options strategy

2012-02-21 14:23 ET - Street Wire

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by Mike Caswell

Canaccord Genuity Corp. and two of its Kelowna employees, Traian Moldovan and Robert Holmes, are facing a lawsuit in the Supreme Court of British Columbia from a group of retirees who claim to have lost substantial amounts of money in a risky options trading strategy. According to the suit, Mr. Moldovan and Mr. Holmes put the retirees into investments that were wholly unsuited to their mostly conservative investment objectives. When the markets suffered a substantial decline in 2008, the portfolios of the retirees were in some cases wiped out, the suit claims.

The retirees' notice of claim, filed on Thursday, Feb. 16, at the Vancouver courthouse, complains that Mr. Moldovan (who no longer works at Canaccord) and Mr. Holmes put clients into a program they called the Top 100 Index Option Strategy. They pitched the investment at seminars as being capable of generating cash flow in all market conditions. A stop-loss policy called "dynamite insurance" was supposed to protect investors from catastrophic losses, the suit states.

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