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Class Action Commenced Against James Stephenson and Investia Financial Services Inc.

UPDATE: JUNE 26, 2012

In June 2012, the defendant's motion for leave to appeal the certification decision was commenced but was unfortunately not completed.  The motion will be completed in November of 2012 with a decision to follow soon thereafter.  Further updates will follow subsequent to the completion of the leave motion.



On February 17, 2012, the Honourable Mr. Justice Bryan Shaughnessy of the Ontario Superior Court of Justice certified a class action in this matter. Justice Shaughnessy’s Reasons for Decision can be found here.

The class will be comprised of all clients of James Stephenson who borrowed money to invest in mutual funds or segregated funds (the "Leveraging Scheme") through Money Concepts (Barrie) and held leveraged investments at Money Concepts (Barrie) prior to the branch closing on or about March, 2010.

Official notice of Certification will soon be provided to all class members in accordance with further directions to be provided by the Court.

Further information will be posted as it becomes available.



On December 12, 13 and 14, 2011, the Honourable Justice Shaughnessy heard extensive arguments about whether or not the class action commenced against James Stephenson and Investia Financial Services Incorporated for allegedly inappropriately advising clients to participate in a leveraged investment scheme, which resulted in clients sustaining significant financial losses, should be certified as a class action. Justice Shaughnessy reserved his decision, meaning that it will be several weeks before he releases his decision with respect to this matter. Justice Shaughnessy's decision will be available on this website once it is released. We sincerely thank all class members who were able to make it into Oshawa to attend the motion.

We encourage you to continue to monitor our website for any updates in this class action.


The Honourable Mr. Justice Shaughnessy of the Ontario Superior Court of Justice has approved the following schedule for the Class Action:

Event Date Required to be Completed Status
The Plaintiff is to serve and file Certification Materials April 29, 2011 Check Mark
The Defendants are to provide their responding Certification Materials July 29, 2011   Check Mark
Best efforts to complete cross-examinations on Affidavits submitted in support of the Certification Motion By September 30, 2011    Check Mark
Motion for Certification December 12, 13 and 14, 2011   Check Mark



On March 9, 2011, a class action claim was issued against James Stephenson, a financial advisor located in Barrie, alleging that Stephenson inappropriately advised clients to participate in a leveraged investment scheme, resulting in these clients sustaining significant financial losses. Also named as a Defendant in the claim was Investia Financial Services Inc., a company alleged to be associated with Stephenson in promoting the leveraged investment scheme.

The class action claims $2 million in special damages for each client of Stephenson that participated in the leveraged investments scheme, as well as $50 million in punitive and exemplary damages.

The class action claim was launched by retirees Bruce and Edith Smith, clients of Stephenson that participated in the leveraged investment scheme and suffered devastating financial losses.

If you would like to review the full details of the allegations made against Stephenson, see the Statement of Claim, issued March 9, 2011.

If you were a client of Stephenson who participated in the leveraged investments scheme and would like to sign up to receive information about the class action, please fill out the sign up form below.


~ Please click here if you were a client of David Karas

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