From Trader to Plaintiff: The Spectacular Rise and Fall of a Canadian Investor

The Canadian carpenter Christopher DeVocht began his journey as a day trader like many others: after work, he would read online forums about the skill of trading. He was particularly taken with options on Tesla stocks. In a very short time, he achieved a spectacular success in the financial markets. By the end of 2019, his account balance at the Royal Bank of Canada was 88,000 Canadian dollars. Two years later, he had turned it into 415 million Canadian dollars – a success story unparalleled in the annals of the financial world. However, instead of securing his gains, DeVocht continued to bet on Tesla and ultimately lost everything when the stock crashed in 2022. He is now suing RBC Dominion Securities, RBC Wealth Management, and the accounting firm Grant Thornton for alleged negligent advice. According to his lawsuit, his knowledge in finance and tax planning was underestimated. Although known as a savvy trader with Tesla options, DeVocht, in his mid-20s and health-compromised, knew little about financial planning. His portfolio had grown to 26 million Canadian dollars by July 2020 when he applied for a loan to buy a house. The bank referred him to a "coach and coordinator," who connected him to an accountant from Grant Thornton. Together, they advised him to set up a holding structure to optimize taxes and accumulate Tesla stocks. However, this strategy led to a risky, one-sided concentration on Tesla assets. When these boomed in 2021, his portfolio surged rapidly before eventually collapsing. DeVocht attempted to offset losses through short-term trading and loans worth 20 million Canadian dollars, which failed. By October 2022, he was forced to sell Tesla shares to pay off loans. In court, DeVocht now demands compensation for breach of contract and negligence. The recommendation to donate 25.5 million Canadian dollars had additionally diminished his wealth.