the tale of greedyness, a carpenter who managed to turn $88,000 into $415 million has lost it all.
Canadian man Christopher DeVocht quit his trade in 2019 because of health issues and turned his attention to the stock market, where he had already built close to a six-figure portfolio
What happened next was simply stunning.
Within a year, as he celebrated his 30th birthday, Mr DeVocht’s wealth had already grown to $26 million - almost entirely from shares and options in Tesla.
He was doing so well that the wealth management firm he was investing through - the Royal Bank of Canada’s Dominion Securities - assigned him advisers whose job, Mr DeVocht says, was to coach him on how to manage his investments.
This included setting him up with a margin account, where he was lent cash to boost his purchasing power.
As Tesla’s share price soared to a record high in late 2021, the value of Mr DeVocht’s portfolio peaked at $415 million,
He was living the dream - and even made a $17 million donation to charity.
But when the stock market crashed the following year and Tesla suffered a seriesof decline, Mr DeVocht’s net worth started to shrink and he responded by making a number of risky trades.
He says he was also forced to sell Tesla shares to repay loans from his margin account.
Today he has nothing - and has now launched a lawsuit accusing RBC Dominion Securities of failing to protect him from financial ruin.
In a notice of claim filed at a Vancouver courthouse on Tuesday, October 1, Mr DeVocht alleges RBC Dominion Securities gave him inadequate advice as his fortune dwindled away and amplified his risks with the margin account