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.

Just Posted

Two ambulances and a medevac helicopter are on scene at Taylor River Flats rest area on Highway 4 due to a serious motor vehicle incident. (PHOTO COURTESY MAGGIE BROWN)
Highway 4 reopens after accident at Taylor River Flats

Multi-vehicle crash had closed highway to west coast

Grade 12 graduates Jada Touchie, Timothy Masso and Brendan Brown are all smiles after receiving their Goodies for the Grads gift packs thanks to a small neighbourhood grant from the Clayoquot Biosphere Trust. (Nora O’Malley photo)
Ucluelet Secondary School grads set to parade through town

Family and friends can cheer on the Class of 2021 this Saturday, June 19 at 4:30 p.m.

From left, Ahousaht First Nation Hereditary Chief Richard George presents a $10,000 cheque to Tofino Hatchery manager Doug Palfrey alongside Tyler Huebner of TCH Contracting The funds will go towards rebuilding Cypre river Chinook. (Carallyn Bowes photo)
Tofino Hatchery receives $10K donation

Tofino Salmon Enhancement Society tackling massive drop in Chinook salmon stocks

Creative handmade signs abound at the June 13 Tofino rally for old growth trees. (Nora O’Malley photo)
VIDEO: Tofino stands in solidarity for Fairy Creek Blockades

Over 150 supporters attend rally hosted by Friends of Clayoquot Sound

This rendering shows the potential layout for a 40-unit staff housing cooperative being proposed by the Pac Rim Home Development Cooperative in Ucluelet. (Image from www.prhdc.ca)
Pac Rim Cooperative pitches staff housing project in Ucluelet

“We’re looking at it as if it’s like a resort for employees”

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

Tk’emlups te Secwepemc Chief Rosanne Casimir stands outside the former Kamloops Indian Residential School after speaking to reporters, in Kamloops, B.C., on Friday, June 4, 2021.THE CANADIAN PRESS/Darryl Dyck
Kamloops chief says more unmarked graves will be found across Canada

Chief Rosanne Casimir told a virtual news conference the nation expects to release a report at the end of June

A woman wears a vaccinated sticker after receiving a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
B.C. ranks among highest in world in COVID-19 first-dose shots: health officials

More than 76% of eligible people have received their 1st shot

A screenshot of the First Peoples Cultural Councils First Peoples’ Map. (First Peoples Cultural Council)
Online resource blends B.C.-Alberta’s Indigenous languages, art and culture

Advisor says initiative supports the urgent need to preserve Indigenous languages

An artists conception of the new terminal building at the Pitt Meadows Regional Airport.
Air travel taking off in B.C., but lack of traffic controllers a sky-high concern

There will be demand for more air traffic controllers: Miller

Canadian Armed Forces experts are on their way to North Vancouver after a local homeowner expressed worry about a military artifact he recently purchased. (Twitter DNV Fire and Rescue)
Military called in to deal with antique ‘shell’ at North Vancouver home

‘The person somehow purchased a bombshell innocently believing it was an out-of-commission military artifact’

Amy Kobelt and Tony Cruz have set their wedding date for February, hoping that more COVID-19 restrictions will have lifted. (The Macleans)
B.C. couples ‘gambling’ on whether COVID rules will let them dance at their wedding

Amy Kobelt and Tony Cruz pushed back their wedding in hopes of being able to celebrate it without the constraints of COVID-19

A plane is silhouetted as it takes off from Vancouver International Airport in Richmond, B.C., May 13, 2019. THE CANADIAN PRESS/Jonathan Hayward
Report calls for airlines to refund passengers for flights halted due to COVID-19

Conclusion: federal help should be on the condition airlines immediately refund Canadian travellers

Green party Leader Annamie Paul speaks during a news conference on Parliament Hill in Ottawa on Tuesday, June 15, 2021. Paul has survived another day of party strife after a planned ouster shifted course, leaving her with a tenuous grip on power ahead of a likely federal election this year. THE CANADIAN PRESS/Justin Tang
Green Leader Annamie Paul blasts ‘racist,’ ‘sexist’ party execs who sought ouster

Fallout has continued, with two of the federal council’s members resigning

Most Read