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by Mike Caswell

Canaccord Genuity Corp. has won a default judgment in the Supreme Court of British Columbia against a former Kelowna employee, Ferdinand Renaud. The firm claimed that Mr. Renaud caused client losses of over $1.3-million and that it had to pay out $245,000 to his former clients. Canaccord sought a court order reimbursing it for that money.

The judgment, handed down on Sept. 2, 2015, simply finds that Mr. Renaud has failed to respond to the case, which means that Canaccord wins by default. Mr. Renaud could still apply to have the default overturned. A defendant doing so must provide a good explanation of why he failed to respond within the allotted time (usually 21 days).

Canaccord filed the lawsuit against Mr. Renaud on July 6, 2015. In a brief notice of claim, it identified him as a since-retired investment adviser who had worked at the firm from February, 2001, to June, 2011. The allegations mostly centred around two couples for which he had provided advice.

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