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by Mike Caswell

A retiree has filed a lawsuit in the Supreme Court of British Columbia against Canaccord Genuity Corp., claiming that the firm's employees put his money into a risky debt fund. He says that the money came from borrowing against his family home, and was to be invested conservatively while he found a smaller place to live. The actions of Canaccord inflicted losses that he describes as significant.

The allegations are contained in a brief notice of claim filed at the Vancouver courthouse on May 4, 2023, by William Grossholz. In addition to Canaccord, the suit names as defendants three of the firm's employees: David MacLachlan, Shawn Labelle and Shang Yu (also known as Andrea Liu). Those three employees were part of something called the Dekker Hewett Group.

Mr. Grossholz says that the defendants courted him in early 2020, holding themselves out as "top of the line" investment advisers. According to the suit, he entered into an agreement with them on the understanding that trading in his account would be "appropriate and suitable" for his financial circumstances and risk tolerance. The defendants would also exercise care, skill and diligence in providing their services, the suit states.

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