VANCOUVER - A former National Hockey League defenceman is suing his financial adviser claiming negligent advice led to investment decisions that cost far more than the multimillion-dollar salary he earned during a six-year contract with the Vancouver Canucks.
Jason Garrison filed a statement of claim in B.C. Supreme Court last month alleging he hired Vancouver-based financial adviser Richard Jones in 2013, shortly after signing a contract worth almost US$28 million.
At the time, Garrison's claim says he was 28 years old, "risk averse," and had no experience with financial planning - conditions that the suit alleges Jones understood.
Within months of hiring Jones, Garrison alleges he was advised to purchase two life insurance policies, each worth more than $10 million, followed by various other investments and, in 2016, a third life insurance policy valued at $10.2 million.
The statement of claim says Garrison was told the investments would produce more than $43 million in capital over 10 years but instead he lost money and is seeking damages, reimbursement of interest, an order voiding the life insurance policies and a return of all premiums.
None of the allegations has been proven in court, Jones has yet to file a response to the claim and when contacted by phone, he said he had no immediate comment.
