B.C. victim of incompetent advisor speaks out

B.C. victim of incompetent advisor speaks out

B.C. victim of incompetent advisor speaks out A story WP ran 18 months ago continues to take some interesting turns. Disappointed with the speed of justice the victim in this case reached out to WP to tell her side of the story. 

The problems for Bev Lucas began when James William Duke purchased a book of business from another agent who just happened to be Ms. Lucas’s former agent. That was in 2008. A year later her husband died.

Shortly thereafter Lucas met with Duke who recommended that she buy an exempt market security for Falls Capital Corp, which is involved in real estate development. Prior to her husband’s death she’d been 100% invested in segregated funds; Duke’s new recommendations put 65% of her investments in exempt market securities.

The Insurance Council of BC got involved in the matter banning Duke from operating his insurance practice for one year but also requiring that the former agent acquire either the CFP or CLU before being allowed to rejoin the insurance industry.

As of yet Duke has not met this condition and does not work in the insurance industry.

Fast forward to today and Bev Lucas is still very upset about what happened to her investments. So much so that she’s been commenting on the article we ran so many months ago.

According to Lucas she’s had to sell her home and most of her belongings as a result of Duke’s inappropriate investment recommendation.

Commenting on our site, Lucas says, “It is just not fair how he went about it… Not once did I ever say I wanted more money I told him this is all I had and I want to keep my house and I am not able to work. I just had to let people know who this story is about.”

What’s happened to Lucas is clearly not her fault. The council’s punishment isn’t going to change the fact Lucas was duped by someone clearly motivated by greed and very little else. It’s no wonder she’s upset.

Well, finally she might have some justice.

Yesterday, a BCSC panel found that Rodney Jack Wharram and Falls Capital, the exempt market security Duke sold Lucas, were guilty of committing fraud.

In rendering its decision the panel wrote, “The investors have lost all the money Wharram used for personal purposes. There is no evidence of repayment. The evidence is clear that Wharram had subjective knowledge of the prohibited acts.  He knew that funds were being diverted for personal expenses." 

When WP contacted Lucas for comment on the latest events she said she would provide more information once home from visiting family. We will report what we learn.

Of Rodney Jack Wharram, Lucas said, “All I can say right now he is a worm in the ground.”

Can you blame her?