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by Mike Caswell
Raymond James Ltd. and its former employee, Jean-Paul Beran, deny accusations that they mishandled the accounts of Elizabeth Lawrence-Grinti, a retired widow who is suing them over risky investments in mining companies. They say that Ms. Lawrence-Grinti's investment strategy suffered largely because of her significant cash withdrawals. They also claim that she agreed to accept higher risks in order to increase her returns.
The denials from Raymond James and Mr. Beran come nearly one year after Ms. Lawrence-Grinti filed a lawsuit in the Supreme Court of British Columbia over her accounts. In a Dec. 22, 2016, notice of claim, she complained that Mr. Beran bought unsuitable resource stocks in her $1.8-million portfolio. He also generated excessive activity in her accounts, trading $13-million worth of securities, she said. His activity led to losses that she described as substantial.
For their part, Raymond James and Mr. Beran deny any wrongdoing and say that they are not liable for any problems with Ms. Lawrence-Grinti's accounts. In a response filed on Nov. 20, 2017, they claim that they operated her accounts in a competent and professional manner. Her losses stemmed from a decline in the financial markets. This was a risk that she accepted, the response states.
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