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 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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

FILE – A COVID-19 vaccine being prepared. (Olivia Sullivan/Sound Publishing)
B.C. seniors 80 years and older to get COVID vaccine details over next 2 weeks: Henry

Province is expanding vaccine workforce as officials ramp up age-based rollout

Interior Health reported 43 new COVID-19 cases in the region Feb. 23, 2021 and no additional deaths. (Jennifer Smith - Morning Star)
43 new cases of COVID reported in Interior Health

No new deaths, Williams Lake outbreak over

Cranbrook city hall. Trevor Crawley photo.
Cranbrook adopts policy for legalizing secondary suites

Existing secondary suites in Cranbrook now have a process to become officially… Continue reading

Kyle, one of the volunteers with Critter Cruisers Transport, with Willy, one of the rescue dogs obtained from Mexico by BARCS Rescue and brought back to Canada. ( Photo courtesy @gwaiiadventures)
Dog Rescue Odyssey

BARCS Rescue brings shelter dogs to Canada to good homes — in the face of a continent-wide shortage of animal companions

A soldier walks along the outside of a crater formed through a demolition. Photo: Aaron Hemens
Military exercises assist with restoration of Lower Kootenay Band wetlands

A total of nine craters were created through demolitions, where the goal is to have them serve as future habitats for ducks and geese.

Dr. Bonnie Henry leaves the podium after a news conference at the legislature in Victoria on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. reports 559 new cases of COVID-19, one death

4,677 cases of the virus remain active in the province; 238 people are in hospital

Vancouver Canucks left wing Antoine Roussel (26) tries to get a shot past Edmonton Oilers goaltender Mike Smith (41) during second period NHL action in Vancouver, Tuesday, Feb. 23, 2021. THE CANADIAN PRESS/Jonathan Hayward
Canucks cough up 3-0 lead, fall 4-3 to visiting Edmonton Oilers

Vancouver falls to 8-13-2 on the NHL season

Jessica McCallum-Miller receives her signed oath of office from city chief administrative officer Heather Avison on Nov. 5, 2018 after being elected to Terrace City Council. McCallum-Miller resigned on Feb. 22, 2021, saying she felt unsupported and unheard by council. (Black Press Media File Photo)
Terrace’s 1st Indigenous councillor resigns citing ‘systemic and internalized racism,’ sexism

McCallum-Miller said in a Facebook post she felt unheard and unsupported by council

Temporary changes to allow for wholesale pricing for the hospitality industry were implemented June 2020 and set to expire March 31.	(Pixabay photo)
Pubs, restaurants to pay wholesale prices on liquor permanently in COVID-recovery

Pre-pandemic, restaurateurs and tourism operators paid full retail price on most liquor purchases

Wade Dyck with Luna, a dog who went missing near the Chasm for 17 days following a rollover on Feb. 5. (Photo submitted).
Dog missing for 17 days through cold snap reunited with owner in northern B.C.

Family ecstatic to have the Pyrenees-Shepherd cross back home.

Quesnel RCMP confirmed they are investigating a residential break-in at a home on the Barkerville Highway. (File image)
Thieves make off with $300K in Cariboo miner’s retirement gold

Tim Klemen is offering a reward for the return of his gold

Ghislaine Maxwell was arrested in New Hampshire. Image: The Canadian Press
Epstein associate Ghislaine Maxwell makes third attempt at bail on sex charges

Maxwell claims she will renounce her U.K. and French citizenships if freed

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read