Former Vancouver Canucks defenceman Jason Garrison sues financial adviser

Former Vancouver Canucks defenceman Jason Garrison sues financial adviser

VANCOUVER — A former National Hockey League defenceman is suing his financial adviser claiming negligent advice led to investment decisions that cost far more than the multimillion-dollar salary he earned during a six-year contract with the Vancouver Canucks.

Jason Garrison filed a statement of claim in B.C. Supreme Court last month alleging he hired Vancouver-based financial adviser Richard Jones in 2013, shortly after signing a contract worth almost US$28 million.

At the time, Garrison’s claim says he was 28 years old, “risk averse,” and had no experience with financial planning — conditions that the suit alleges Jones understood.

Within months of hiring Jones, Garrison alleges he was advised to purchase two life insurance policies, each worth more than $10 million, followed by various other investments and, in 2016, a third life insurance policy valued at $10.2 million.

The statement of claim says Garrison was told the investments would produce more than $43 million in capital over 10 years but instead he lost money and is seeking damages, reimbursement of interest, an order voiding the life insurance policies and a return of all premiums.

None of the allegations has been proven in court, Jones has yet to file a response to the claim and when contacted by phone, he said he had no immediate comment.

Garrison, who is now 35 and playing hockey with Djurgardens of the Swedish Hockey League, claims Jones was aware that the six-year contract signed with the Canucks might be the last of Garrison’s hockey career and that his qualifications for employment after hockey were limited.

The statement alleges Jones — a registered and licensed insurance agent and Certified Financial Planner —and his agency, Richard Jones Financial Group Ltd., failed to conduct a needs analysis, which would have determined Garrison did not require the insurance policies.

It also claims Jones did not produce a financial plan for Garrison and did not tell him that the final years of his contributions to the various investments were unbudgeted, meaning there was a likelihood they would be unaffordable.

Garrison alleges he was not informed about the true costs of insurance as an investment vehicle and that he was also sold policies funded in such as way that the future cost would be unaffordable “before the actuarial expected death of the plaintiff.”

“The defendants promoted the sales of insurance policies as part of a sophisticated tax advantage investment strategy, yet the defendants had knowledge that the strategy was under review and that there was an intention by the federal government to reject the strategy,” says the statement of claim.

The complicated tax strategy recommended to Garrison also required that he seek independent expertise from tax professionals, but the lawsuit says Garrison was never told about the requirement.

The statement of claim also lists BMO Life Assurance Company and IDC Worldsource Insurance Network Inc. as defendants, arguing they are required by law to supervise Jones and his agency in relation to the sale and management of insurance contracts.

“Had the defendants not breached these duties … the plaintiff would not have suffered the losses alleged herein,” says the claim. The statement doesn’t say how much money Garrison is alleged to have lost.

The court document was filed Oct. 22 and requires a response within 21 days after service if the defendant resides in Canada and up to 49 days if the defendant lives elsewhere.

No responses to the claim had been filed as of Nov. 13.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

SARS-CoV-2 virus particles, which causes COVID-19, emerge from the surface of cells isolated from a patient in the U.S. and cultured in a lab in a 2020 electron microscope image. THE CANADIAN PRESS/AP-HO, National Institute of Allergy and Infectious Diseases - Rocky Mountain Laboratories
Alberta adds 463 new COVID-19 cases on Sunday

The central zone has 818 active cases

Red Deer teacher Janelle Van Tetering had her students write letters to attach to Blankets of Hope, which will be donated to the Mustard Seed. (Contributed photo)
Red Deer teacher, students donate ‘Blankets of Hope’ to those in need

A Red Deer teacher and her students are giving warm blankets and… Continue reading

RCMP have charged a Sylvan Lake man for allegedly defrauding five people of more than $100,000.
Advocate file photo
20-year-old woman killed in collision: Blackfalds RCMP

A 20-year-old woman was killed in a collision on Saturday, says Blackfalds… Continue reading

Patrick Malkin, co-owner of The Granary Kitchen, says he wants the provincial government to lift COVID-19 restrictions that shutdown in-person dining. (File photo by Advocate staff)
Red Deer restaurant owner ‘frustrated’ in-person dining restrictions are still in place

Dr. Deena Hinshaw announced the restrictions won’t yet be eased this past Thursday

As of Friday, Alberta has under 10,000 active COVID-19 cases. (Image courtesy CDC)
Alberta identifies 573 new COVID-19 cases, 13 deaths on Saturday

There are currently 9,727 active cases of the virus in the province

Terrance Josephson of the Princeton Posse, at left, and Tyson Conroy of the Summerland Steam clash during a Junior B hockey game at the Summerland Arena in the early spring of 2020. (John Arendt - Summerland Review)
QUIZ: How much do you know about hockey?

Test your knowledge of Canada’s national winter sport

Toronto Maple Leafs' Alexander Kerfoot, centre, tries to get the puck past Calgary Flames goalie Jacob Markstrom, right, as Noah Hanifin looks on during first period NHL hockey action in Calgary, Sunday, Jan. 24, 2021.THE CANADIAN PRESS/Jeff McIntosh
Morgan Reilly’s three assists lifts Maple Leafs to 3-2 win over Flames

Leafs 3 Flames 2 CALGARY — Morgan Reilly’s three assists helped the… Continue reading

Green Bay Packers' Adrian Amos (31) reacts after intercepting a pass intended for Tampa Bay Buccaneers' Mike Evans during the second half of the NFC championship NFL football game in Green Bay, Wis., Sunday, Jan. 24, 2021. (AP Photo/Jeffrey Phelps)
Road warriors: Bucs win 31-26 at Green Bay, reach Super Bowl

GREEN BAY, Wis. — Tom Brady and the Tampa Bay Buccaneers’ road… Continue reading

People arrive to be tested for COVID-19 at a clinic in Montreal, Sunday, January 24, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
Too soon to know if Canada’s COVID-19 case decline will continue, Tam says

MONTREAL — It’s still too soon to know whether the recent downward… Continue reading

Flowers are seen at the front door of Dr. Denis Vincent's dental practice in North Vancouver, B.C. on March 31, 2020, after he died of COVID-19. The British Columbia Dental Association has written a letter to Premier John Horgan urging him to include dentists in a priority group for the COVID-19 vaccine. THE CANADIAN PRESS/Jonathan Hayward
Dentists, teachers disappointed they won’t be prioritized for vaccine in B.C.

VANCOUVER — Dentists and teachers are among the groups that are disappointed… Continue reading

Indiana Pacers guard Justin Holiday (8) shoots over Toronto Raptors forward DeAndre' Bembry (95) during the first half of an NBA basketball game in Indianapolis, Sunday, Jan. 24, 2021. (AP Photo/Michael Conroy)
Anunoby’s hot hand helps short-handed Raptors beat Pacers

Raptors 107 Pacers 102 INDIANAPOLIS — OG Anunoby scored a season-high 30… Continue reading

A woman injects herself with crack cocaine at a supervised consumption site Friday, Jan. 22, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Drug users at greater risk of dying as services scale back in second wave of COVID-19

OTTAWA — Under fluorescent lights, Wendy Muckle surveys the supervised consumption site… Continue reading

The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. nbsp; THE CANADIAN PRESS/Sean Kilpatrick
Taxpayers’ watchdog sees complaints spike, raising worries about pandemic tax season

OTTAWA — Canada’s taxpayers’ ombudsperson says his office has seen a steep… Continue reading

Most Read