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by Mike Caswell

Union Securities Ltd., one of two brokerages defending a lawsuit filed by a lottery winner who lost money in the stock market, says it did nothing wrong. It specifically denies allegations of improper margin trading, speculative private placement purchases or buying penny stocks. Even if there were any such actions with the account, the brokerage did not receive timely complaints about them, it says.

Union is responding to a lawsuit filed in the Supreme Court of British Columbia on Oct. 2, 2014, by Mohammed Khan, a man who won $4-million in the Lotto 6/49 in March, 2007. Mr. Khan said that after he won the money, he initially placed $3.5-million in an account at Leede Financial Markets Inc. and later at Union. His adviser at both firms, former Leede employee Catherine Jones, promised him a return of $50,000 per month, with limited risk, he said. (Leede and Ms. Jones are also defendants.)

CJONES.CA

Catherine Jones

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