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by Mike Caswell

Leede Financial Markets Inc. and one of its former employees, Catherine Jones, are defendants in a lawsuit filed in the Supreme Court of British Columbia by a lottery winner who says Ms. Jones caused him considerable losses. He claims that he invested $3.5-million with her, but she lost about half of his money over a seven-year period. According to the suit, Ms. Jones repeatedly bought and sold the same stocks without instructions, and put his money into risky investments.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Oct. 2, 2014, by Mohammed Shakil Khan. The defendants are Ms. Jones and Leede Financial, as well as two firms where she worked after leaving Leede: Union Securities Ltd. and Global Securities Corp.

According to the suit, Mr. Khan's troubles came after he won $4-million in the Lotto 6/49 on March 17, 2007. In the months after he won, he did the same as many lottery winners do: he searched for a financial adviser. He claims he knew little about investing, but was looking for the best guaranteed return on his money. As part of his search, he met Ms. Jones, the suit states. She allegedly promised him a return of $50,000 per month on an investment of $3.5-million, or about 18 per cent per year. According to the suit, she also represented that there would be limited risk.

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