Carpenter Claims He Made $306 Million on Tesla, Then Lost It All [BNN Bloomberg (Canada)]
Royal Bank Of Canada (RY)
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Source: BNN Bloomberg
Then he went on what has to be one of the hottest hot streaks in the history of financial markets, according to a legal filing. At the end of 2019, his account, with the brokerage division of Royal Bank of Canada, was worth C$88,000. Within two years, he'd turned that into C$415 million ($306 million), he says. Some people would have cashed out. DeVocht didn't. And when Tesla stock fell in 2022, he lost it all, according to a lawsuit he filed this week against RBC Dominion Securities, RBC Wealth Management and accounting firm Grant Thornton LLP. The filing, which is an initial notice of claim that doesn't require evidence to be provided at this stage, didn't include brokerage statements or other proof of his gains or losses. DeVocht now claims that the advice he received, geared mainly toward minimizing taxes, was negligent and failed to take into account his level of financial sophistication. His Tesla investment strategy involved loans from a Royal Bank margin account. “RBC c
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