An investor suing a company mainly-owned by former United Bermuda Party Senator E.T. (Bob) Richards' and another firm has reacted angrily to claims that his lawsuit is "nefarious''.

Andrew Pullan from Toronto is suing Mr. Richards company, Gulfstream Financial Ltd, and Canadian investment company, Levesque Beaubien Geoffrion, for $1.5 million.

The lawsuit is for just over $200,000 Mr. Pullan says he has lost as well as "punitive damages for (the) outrageous conduct'' of both companies. Mr.

Pullan, who manages a cellular telephone store in Toronto, is suing both companies because he has been unable to get access to his money since Gulfstream launched a legal action against Levesque Beaubien in June last year.

Mr. Pullan opened an investment account with Gulfstream in 1996, and according to his writ, the day-to-day handling of transactions was carried out by the Montreal representatives of Levesque Beaubien.

Mr. Richards told The Royal Gazette that Mr. Pullan's lawsuit lodged at the Superior Court in Montreal was "an effort to be nefarious''. But Mr. Pullan hit back: "It's a ludicrous statement. I have no need to be malicious nor would I have to pursue this if my account was handled properly. Neither will acknowledge what's been done with my money or what's happened, so I'm in the middle.'' Mr. Pullan said he also had 2,000 shares in a company called Clearnet which he bought at $10 which were now worth around $66 which have also been frozen as a result of the legal battle between Gulfstream and Levesque Beaubien.

Gulfstream recently announced it was transferring its brokerage business and clients brokerage to First Bermuda Financial Services.

Mr. Richards said none of his clients money would be affected by the legal action in Canada.

COURTS CTS