Mohammed Shakil Khan, a $4 million lottery winner in Canada, is suing Catherine Jones, his former financial adviser for investing his money in speculative ventures, selling blue chip equity-paying stocks on his behalf and investing the funds in risky ventures without his knowledge or consent. After winning the lottery, Khan decided to invest his money with Jones, who worked for Leede Financial Markets, Inc. Khan, who was an allegedly unsophisticated investor, was told by Jones his $3.5 million portfolio would consist of stock investments that would allow him a steady income stream. But from May 2007 to April 2008, Jones repeatedly bought and sold risky stock on Khan’s behalf, sometimes on a daily basis, which resulted in high fees and commissions for herself. Ms. Jones also overstated the value of his portfolio.
From 2008 until 2010, Jones continued to purchase and sell freely with Khan’s money by day trading, short selling and purchasing stocks on margin. This resulted in the loss of another $1.6 million because of her reckless and unsound investment strategies. The lawsuit is currently pending. Leede Financial Markets Inc., Union Securities Limited and Global Securities Corporation, all companies where Jones was employed, were also named in the suit.
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