Tue Jul 28, 2009
By The Canadian Press
{MONTREAL - Earl_Jones, a self-described financial adviser alleged to have bilked clients out of millions of dollars, is expected to appear in a Montreal court today.
Jones' lawyer says fraud and theft charges are likely to be filed against his 67-year-old client, who surrendered to police on Monday.
Quebec's financial securities regulator (the Autorite des marches financiers) alleges Jones may have swindled investors out of between $30 million and $50 million.
Jones is alleged to have operated a Ponzi scheme in which investors are paid by their own money or money from other investors rather than from any actual profit earned in the stock market or other investment vehicle.
Lawyer Jeffrey Boro said last week his client was alone, depressed and possibly suicidal and went underground after he received death threats from irate clients.
A statement issued by Jones' wife and two daughters last week suggested they knew nothing about the alleged scam and alleges that even they had lost money.
Alleged victims have scheduled a rally at the Montreal courthouse on Wednesday where a bankruptcy hearing will take place. They are asking for stronger rules governing financial planners and tougher sentences for white-collar crimes.}
http://ca.news.yahoo.com/s/capress/090728/national/crime_jones_arrest
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http://jfmoneymatters.blogspot.com/2009/07/firm-belonging-to-earl-jones-declared.html
