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by Mike Caswell

Raymond James Ltd. has filed a lawsuit in the Supreme Court of British Columbia against Miles Clyne, a former Langley employee. The firm says that it fired Mr. Clyne over accounts that he had placed into a single, high-risk stock. Raymond James claims that it asked him more than once to reduce his clients' holdings in that stock, but he failed to do so. The suit seeks the repayment of $543,790 in employee loans and something called a "departure loss obligation."

The allegations are contained in a notice of claim that Raymond James filed at the Vancouver courthouse on Aug. 9, 2017, through a subsidiary, Raymond James Investment Counsel Ltd. The sole defendant is Mr. Clyne, a resident of Abbotsford who worked for Raymond James until the firm fired him on June 30, 2017. He had become an employee of the firm after it acquired MacDougall MacDougall & MacTier Inc. on Aug. 31, 2016.

The lawsuit describes how compliance staff at Raymond James Investment Counsel identified problems with Mr. Clyne's accounts in October, 2016. Some discretionary client accounts had too high a concentration in a single, high-risk stock. (The lawsuit does not identify the stock.) Raymond James claims that it sent Mr. Clyne a letter on Oct. 31, 2016, requiring him to reduce the holdings in that stock. The letter explained that he could be fired if he failed to do so.

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