Former Vancouver Canuck Jason Garrison is on to the move after being selected by the Vegas Golden Knights in Wednesday’s NHL expansion draft. (Lauren Zabel/Flickr photo)

Former Vancouver Canucks player suing financial advisors for negligence

Jason Garrison claimed his advisors failed to take his circumstances into account

A former Vancouver Canucks player is suing his financial advisors after alleging they gave him disastrous financial advice.

In a notice of civil claim filed with the B.C. Supreme Court on Oct. 22, Jason Garrison claimed his advisors failed to take his circumstances into account while selling him expensive policies he did not need.

Garrison, who is from White Rock, signed on with the Canucks as a free-agent in 2012. He currently plays for the Swedish Hockey League.

The civil suit takes aim at the Richard Jones Financial Group, Richard Jones himself, the BMO Life Assurance Company, the IDC Worldsource Insurance Network, and a variety of other insurance agencies.

Garrison alleges that he hired Jones in 2013, the same year as he signed a six-year $27.6 million deal with the Vancouver Canucks.

At the time, the civil suit states, he “had no foreseeable risk of bankruptcy.”

Garrison alleges he hired Jones because he specialized in “short-term, high-income athletes,” and that in 2013, the hockey player had “limited experience with financial matters,” something Jones was aware of.

Garrison claimed that he was sold several multimillion insurance policies: a $10.3 million Transamerica Universal Life Policy in 2013, a $10 million BMO Insurance Universal Life policy in 2013, and another $10.3 million BMO Insurance Universal Life policy in 2016, as well as multiple other policies.

Garrison alleges Jones failed to do a “needs analysis,” which would have shown the hockey player did not need those policies.

The suit also alleges Jones did not undertake a financial plan and “failed to sell suitable products… and [was] negligent in delivering professional services to the plaintiff.”

Garrison claims he was not told that the policies would invest more money than his entire net income from the six-year Canucks contract, with the final years of the 10-year deals “unbudgeted,” and unaffordable.

The plans Jones sold Garrison, court documents state, would cause “financial loss” to the hockey player after 10 years, and not result in $43.5 million in capital as the insurance agent had promised.

Garrison is suing for damages including premiums paid for life insurance policies, charges and penalties in terminating insurance contracts, interests paid on loans loss of opportunity and cost in mitigating his losses.

Neither Jones or any of the investment agencies have replied to the civil suits. None of the allegations have been proven in court.

ALSO READ: Developer, government deny negligence in Sechelt sinkhole


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Kootenay-Columbia MP talks throne speech, USMCA trade deal

Rob Morrison to open constituency office in Cranbrook at 800C Baker St. on Dec. 19

Kootenay-Columbia MP reacts to leader’s surprise resignation

The resignation of Conservative Party leader Andrew Scheer caught members of his caucus by surprise

Wild Theatre presents “A Christmas Carol”

Wild Theatre and Mount Baker Music join forces this week to present… Continue reading

Kimberley Alpine Resort schedules opening day for December 18

Season pass holders can ski at RCR sister resorts for free until KAR opens.

Lynx basking in the sun in Bow Valley

Here’s something you don’t see every day. Kimberley resident Carol Flowers snapped… Continue reading

‘Not a decision I came to lightly:’ Scheer to resign as Conservative leader

Decision comes after weeks of Conservative infighting following the October election

‘British Columbians are paying too much’: Eby directs ICBC to delay rate application

Attorney General David Eby calls for delay in order to see how two reforms play out

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Couple who bought $120k banana duct-taped to wall say artwork will be ‘iconic’

Pair compared it to Warhol’s ‘Campbell’s Soup Cans,’ which was initially ‘met with mockery’

Race to replace Andrew Scheer could be a crowded one

Many familiar faces, such as Maxime Bernier, Jason Kenney, Doug Ford and Kevin O’Leary, have said no

Owner surrenders dogs chained up outside among scrap metal, garbage to BC SPCA

Shepherd-breed dogs were living in ‘deplorable conditions.’

B.C. plane crash victim identified; witnesses describe ‘explosion’

He was a flight instructor, charter pilot and owned an airstrip before leaving Alberta

Most Read