The applicant sought damages of $137,772 for losses incurred in a foreign exchange trading account managed by the respondent, who was not registered with the Ontario Securities Commission.
The applicant brought the matter as an application, alleging negligence, misrepresentation, and unconscionability.
The court found that material facts were in dispute, particularly regarding the applicant's level of investment knowledge and the true nature of the parties' relationship, which required credibility assessments.
Consequently, the court ordered the application converted into an action pursuant to Rule 38.10 of the Rules of Civil Procedure.