Financier accused of Ponzi scheme arrested
After weeks of keeping a low profile, a self-described Montrealfinancial adviser alleged to have bilked clients out of millions ofdollars emerged from hiding and into the waiting arms of policeyesterday.
After weeks of keeping a low profile, a self-described Montreal financial adviser alleged to have bilked clients out of millions of dollars emerged from hiding and into the waiting arms of police yesterday.
Earl Jones, 67, kept his eyes fixed on the ground as police detectives took him into custody.
He stayed silent when questioned by a Canadian Press reporter before being whisked away in handcuffs to provincial police headquarters.
He is expected to appear in court today on what his lawyer says will be fraud and theft charges.
Quebec’s financial securities regulator, the Autorite des marches financiers, has alleged Jones may have swindled investors out of between $30 million and $50 million.
Alleged victims who have waited for answers for three weeks were hopeful they would get satisfaction when Jones appears in court.
“For the early days, we were just in the dark and we had no idea where he was or what he was up to,” said Joey Davis, whose 78-year-old mother is a Jones client who may have lost as much as $200,000.
Jeffrey Boro, who is representing Jones, said last week his client was alone, depressed and possibly suicidal. He said Jones left the home he shared with his wife and went underground after he received death threats from clients.
A statement by Jones’ wife and daughters suggested last week they knew nothing about the alleged scam.