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 Canucks player from White Rock 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 and the agencies 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

Northern California man charged with aiding fugitive Brandon Teixeira

Sam Koh, 40, pleaded not guilty Wednesday to harbouring Teixeira

South Surrey couple donates $1M to hospital’s children’s centre campaign

Donation brings hospital foundation’s fundraising goal within $1 million

The Surrey Hospice Society’s Toolbox thrift store reopens in Cloverdale

Before she fell ill, Janet Child revamped second-hand tool store

Prolific offender nabbed at Surrey SkyTrain after police say he skipped paying fare

Officers arrested Reginald Simon at Scott Road SkyTrain after discovering he had 11 outstanding warrants

Cloverdale hospital could take pressure off Langley Memorial

Fraser Health says about 20 per cent of patients at LMH are from Surrey

MAP: Christmas light displays in Surrey and beyond

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

Snowfall warning issued for Coquihalla Highway

Up to 25 cm of snow is expected to fall in the region by Thursday

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Laid-off forest workers converge on B.C. legislature

Loggers call for action on strike, provincial stumpage

B.C. guide fined $2K in first conviction under new federal whale protection laws

Scott Babcock found guilty of approaching a North Pacific humpback whale at less than 100 metres

Feds urge Air Canada to fix booking problems as travel season approaches

The airline introduced the new reservation system more than three weeks ago

Most Read