Raymond James denies mishandling retiree's account

by Mike Caswell

Raymond James Ltd.'s Lori Pinkowski and Seth Allen deny that they did anything wrong in handling the portfolio of a disgruntled North Vancouver retiree. They say that the client understood his investments were going into a discretionary account and that he received confirmations for every trade. They also point out that his account was profitable.

The denials come in response to a lawsuit filed by Ian Clive Dungate, an 80-year-old retired food agent. In a notice of claim filed on Dec. 1, 2017, Mr. Dungate complained about the handling of an $870,400 portfolio that he moved to Ms. Pinkowski and Mr. Allen in 2015. He claimed to have come to Raymond James on the understanding that he would have a non-discretionary account that would retain five companies he did not want to sell. He said that Raymond James carried out several unauthorized transactions in which it sold those shares.

RAYMOND JAMES

Lori Pinkowski

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