He is one of Ottawa’s most popular and most loved athletes, but now Chris Phillips, is in an off-ice battle in an Ottawa courtroom.
The retired Ottawa Senator is suing his former agent, investor and best man at his wedding, Stacey McAlpine, for $7,500,000 (CDN).
In the statement of claim, filed in March 2012, Phillips is suing McAlpine along with McAlpine’s parents Gerald and Eugenia and the family’s companies NSEM Management Inc., Presidential Suites Inc. and Waterfront Developments Inc. of breach of contract, trust and fiduciary duty, inducing breach of contract, conversion, fraud, fraudulent and negligent misrepresentation, conversion, conspiracy, oppression and unjust enrichment.
Phillips claims he transferred funds to NSEM Management between 1990 and 2010, totaling $5,495,523.00 (USD) and $120,000.00 (CDN). Up until October 2010, Phillips says he could access term deposits without issue and received interest. That interest, he says was reinvested with McAlpine. After October 2010, Phillips claims he was unable to access those funds.
In the court documents, Phillips says he learned the McAlpine’s were investing in unapproved real estate investments including an Ottawa condominium.
The McAlpine’s deny all allegations; none of it has been proven in court.
Phillips’ former teammate Dany Heatley is also suing Stacey McAlpine in a Calgary court for $11,000,000.
“I think anytime anybody gets access to a lot of money at a young age you should be very careful with who you invest with and you should always keep a handle on it,” says Ottawa lawyer Paul Lewandowski who is not involved Phillips’ case.
No matter what the outcome in court, Lewandowski warns it will be difficult for Phillips to recover any of that cash, “often times the investment advisor, if they’re misappropriating it, doesn’t have access to it any more. They’ve also spent it in many cases.”
The McAlpine Family is representing themselves in court. The case is scheduled to last four weeks in an Ottawa courtroom.
