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by Mike Caswell

Canaccord Genuity Corp. has filed a lawsuit in the Supreme Court of British Columbia against a former Kelowna employee, Ferdinand Renaud, over inappropriate investment strategies. The firm claims that he caused client losses of over $1.3-million, and that it had to pay out $245,000 to those clients. Canaccord is seeking reimbursement of that money.

The allegations are contained in a notice of claim that Canaccord filed at the Vancouver courthouse on July 6, 2015. The suit identifies Mr. Renaud as a now-retired investment adviser who worked for Canaccord between February, 2001, and June, 2011. As part of his employment agreement, he agreed that he would be responsible for any losses stemming from legal actions against Canaccord, the suit states.

The problems, as described in the brief lawsuit, centred around two couples for which Mr. Renaud provided investment advice. The first was a retired couple who had little experience with investments, Canaccord says. They had retained Mr. Renaud to engage in a conservative investment strategy.

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