Canadian Trader’s Rise and Fall: How a Carpenter Turned $88K into $415 Million—and Lost Everything in the Blink of an Eye
In a story that reads like a cautionary tale of ambition and risk, Christopher DeVocht, a Canadian carpenter, managed to turn $88,000 into an astonishing $415 million, only to see it all vanish. After stepping away from his trade in 2019 due to health concerns, DeVocht shifted his focus to the stock market, where he had already built a near six-figure portfolio.
What happened next was nothing short of extraordinary.
By the time DeVocht celebrated his 30th birthday, his net worth had skyrocketed to $26 million, fueled primarily by his investments in Tesla stock and options. His remarkable success caught the attention of Royal Bank of Canada’s Dominion Securities, the wealth management firm handling his investments. They even assigned advisers to guide him on how to manage his rapidly growing fortune, setting him up with a margin account that allowed him to borrow funds and increase his purchasing power.
By late 2021, as Tesla’s stock price soared to record highs, DeVocht's portfolio reached an eye-popping $415 million. Living the high life, he even donated $17 million to charity.
But the dream soon turned into a nightmare. As the stock market took a nosedive in 2022 and Tesla’s stock value plummeted, DeVocht’s fortune began to unravel. In an attempt to recover, he made a series of increasingly risky trades. Worse, he was forced to liquidate Tesla shares to cover the debts in his margin account.
Today, DeVocht has lost everything. He’s now taking legal action against RBC Dominion Securities, claiming the firm gave him poor advice and failed to protect him as his wealth evaporated. In a lawsuit filed in Vancouver on October 1, DeVocht argues that the financial institution not only provided insufficient guidance but also contributed to his downfall by amplifying the risks with the margin account setup.
From millions to nothing, DeVocht's story is a sobering reminder of the perils of unchecked risk and market volatility.
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