A story of greed and risk, Christopher DeVocht, a former carpenter from Canada, managed to turn $88,000 into a staggering $415 million, only to lose it all.
In 2019, DeVocht left his trade due to health issues and focused on the stock market, where he had already built a near six-figure portfolio. What happened next was remarkable. By the time he turned 30, his wealth had skyrocketed to $26 million, largely from investing in Tesla shares and options.
Impressed by his success, the Royal Bank of Canada's Dominion Securities, the firm handling his investments, assigned him financial advisers to help manage his growing fortune. They also provided him with a margin account, allowing him to borrow money to increase his buying power.
By late 2021, as Tesla's stock soared to record highs, DeVocht's portfolio reached its peak value of $415 million. Living a life of luxury, he even donated $17 million to charity. However, when the stock market crashed the following year and Tesla's value declined, DeVocht's fortune began to evaporate. In an attempt to recover, he made increasingly risky trades and was forced to sell Tesla shares to repay loans from his margin account.
Today, DeVocht is left with nothing. He has filed a lawsuit against RBC Dominion Securities, accusing them of failing to protect him from financial ruin and amplifying his risk by encouraging the use of a margin account.
