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

(Black Press file photo)
Charges laid against two suspects in pre-Christmas home invasion

An 88-year-old woman was hospitalized after being bear-sprayed in the face Dec. 18, 2020

Liam and Tyler Spaans, (L-R), are two of the current lifeguards at the Houston Leisure Facility. (Houston Leisure Services file photo)
Leisure facility anticipates need for lifeguards

Has been challenged in the past

Residents rank snow removal as a high priority within District boundaries. (Houston Today file photo)
Road work and snow removal ranked as important in citizen survey

But residents also expressed dissatisfaction with each

The Topley Fire department will be using the funding towards new gear. (File photo)
Topley Fire Protection Society gets a $100,000 grant

Society among 132 recepients of the province’s Community Gaming Grant

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

The late Michael Gregory, 57, is accused of sexually exploiting six junior high students between 1999 and 2005. (Pixabay)
Former Alberta teacher accused of sexually assaulting students found dead in B.C.

Mounties say Michael Gregory’s death has been deemed ‘non-suspicious’

According to a new poll, a majority of Canadians want to see illicit drugs decriminalized. (THE ASSOCIATED PRESS)
Majority of Canadians think it’s high time to decriminalize illicit drugs: poll

More than two-times the B.C. residents know someone who died from an overdose compared to rest of Canada

Photograph By @KAYLAXANDERSON
VIDEO: Lynx grabs lunch in Kamloops

A lynx surprises a group of ducks and picks one off for lunch

(Black Press Media file photo)
B.C. residents can reserve provincial camp sites starting March 8

B.C. residents get priority access to camping reservations in province

Two women were arrested in Nanaimo for refusing to wear masks and causing disturbance on a BC Ferries vessel. (File photo)
B.C. ferry passengers arrested and fined for disturbance, refusing to wear masks

Police said woman threatened their pensions in Feb. 21 incident aboard Nanaimo-bound boat

When his owner had knee surgery, Kevin, 2, was able to continue to go for walks thanks to volunteers from Elder Dog Canada. (Contributed photo)
B.C. woman has nothing but praise for Elder Dog Canada

National organization has a fleet of volunteer walkers ready, but needs more clients to serve

Most Read