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He picked the right stock at the right time and leveraged as much as he could on the way up. I doubt he'll be successful with the suit. If he's lucky he might b
by WheelsAtLarge 2y ago
He picked the right stock at the right time and leveraged as much as he could on the way up. I doubt he'll be successful with the suit. If he's lucky he might be able to get some of the fees the bank charged. But he's not getting anything near the 415 mil he lost. He didn't get great advice from RBC but they didn't lose the money for him, he did. He lost it. Probably using the same strategy that made him millions. Unfortunately, the stock began to tank which made it easy to lose lots of money, if he didn't change his investing strategy hoping the stock would go up again. Options are great leverage for earning money but they are also terrible when you bet in the wrong direction. Bummer for the guy.
- 14 2y agoYes for sure RBC has had a dozen lawyers write out their agreement for using their service and will have a clause or two stating they are in no way responsible and that their advice is made with best effort but the individual is ultimately responsible for any gains or losses. Poor guy. Seems like he had all his eggs in one basket and took a fall. Too bad he didn't diversify in other areas. It sounds like he wanted to but for some reason that did not happen. Perhaps it can be proven that he asked for exactly that and the agent failed to do so but again I am sure RBC has a dozen lawyers that will try and find any reason not to be liable.