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Former NHL defenseman suing financial advisors for negligence

13 novembre 2019
Former NHL defenseman Jason Garrison is suing his financial advisors, alleging they sold unsuitable investments and insurance policies that amounted to more than his net income from his six-year contract, it is also being claimed they gave him intentionally poor financial advise.

Garrison, who is currently playing in the Swedish Hockey League for the Djurgårdens IF, has suited up for the Panthers, Canucks, Lightning, Golden Knights, and Oilers in his NHL career. Back in 2013, Garrison was 28 years old and had just signed a six-year deal with the Vancouver Canucks, to the tune of nearly $28 million dollars (US.)

That same year, the young defenseman hired Richard Jones from RJ Financial Group, a Vancouver-based insurance and wealth management firm. It was known for high-end clients such as professional athletes and doctors.

According to a statement of claim filed last month, Garrison was looking for Jones to help manage his money, as he had little experience with financial planning and investing at the time. It was expected of Jones to manage his money and assets long term with minimal risk, as Garrison intended to live off his savings over the long term.

The court documents allege, however, that Jones sold Garrison several large insurance policies, including three life insurances policies worth over $10 million each. The notice of civil claim maintains that Jones told Garrison his recommendations would result in almost $4 million dollars in capital after a decade.

The lawsuit alleges otherwise, stating Jones over sold investments, causing Garrison to lose money. It also notes that Jones and his company did not warn Garrison regarding the risks associated with said investments. Furthermore, the lawsuit indicates that Jones did not create a financial plan for the NHLer, nor did he properly identify the insurance needs of his former client.

Jones is also accused in the lawsuit of completing documents using copies of Garrison's signature without his permission, and recommending investments that were in a conflict of interest. There are also claims of selling Garrison insurance policies in which he would contribute for 10 years or more.

The lawsuit claims that because of these actions, Jones, his company and five other companies have breached contracts and were negligent in their dealings with the former NHL defenseman.

The lawsuit states; "The dominant purpose for which the defendants sold the policies and the leverage loans to the plaintiff was to earn profit, premium, commission and other compensation without regard to what was suitable for the plaintiff or the plaintiff's best interest."

At this time, a response to the civil claim has not yet been filed in court.

Jones said he was "shocked" when notified about the lawsuit.

He was quoted as saying "I took my relationship as an advisor to Jason very seriously. And his plans have performed very well over these past [eight] years or so. There were very specific and valuable reason for Jason [to] have investments in these particular insurance products."

Through the currently pending lawsuit, Garrison is seeking unspecified damages, including reimbursement of interest and charges paid on leveraged loans.

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POINTS GP PTS
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NATHAN MACKINNON 29 45
BRAD MARCHAND 30 44
DAVID PASTRNAK 30 43
JOHN CARLSON 31 43
JACK EICHEL 31 42
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ARTEMI PANARIN 29 36
JONATHAN HUBERDEAU 29 36
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GOALS GP G
DAVID PASTRNAK 30 25
ALEXANDER OVECHKIN 31 20
CONNOR MCDAVID 32 19
LEON DRAISAITL 32 19
NATHAN MACKINNON 29 18
COMPLETE STANDINGS  
ASSISTS GP A
LEON DRAISAITL 32 34
CONNOR MCDAVID 32 33
JOHN CARLSON 31 32
NATHAN MACKINNON 29 27
ALEKSANDER BARKOV 29 26
COMPLETE STANDINGS  
DEFENSEMEN GP PTS
JOHN CARLSON 31 43
CALE MAKAR 29 28
DOUGIE HAMILTON 30 28
VICTOR HEDMAN 25 27
KEITH YANDLE 29 26
COMPLETE STANDINGS  
ROOKIES GP PTS
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VICTOR OLOFSSON 31 26
QUINN HUGHES 29 24
ILYA MIKHEYEV 31 17
MARTIN NECAS 26 16
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WINS GP W
BRADEN HOLTBY 22 15
CONNOR HELLEBUYCK 24 15
FREDERIK ANDERSEN 24 14
TUUKKA RASK 18 13
PETR MRAZEK 20 13
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TRISTAN JARRY 11 2
JAROSLAV HALAK 12 2
ALEXANDER GEORGIEV 14 2
CARTER HUTTON 15 2
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