Authorities allege Montreal area financial adviser Earl Jones, through his firm, Earl Jones Consultant & Administration Corp., was operating a multimillion-dollar Ponzi scheme worth between $30 million to $50 million.
Quebec’s stock market regulator, L’Autorité des marchés financiers, froze Jones’ bank accounts last week but little remained.
Authorities still have not been able to locate Jones. His clients are mostly from the Montreal area, but also reside in Ontario and the U.S., authorities say.
Investors and their families are reeling from the shock. Montreal police said yesterday they would like to hear from anyone who gave money to Jones.
A spokesperson for the AMF said the agency is still meeting investors.
Jones is being described as a charming man who cultivated his client base, many of whom were elderly, for years, even attending weddings and family events. Investors are now learning that Jones was never licensed to handle money from investors.
About 150 investors attended a meeting in a Montreal hotel Sunday. They were joined by officials from the AMF, Montreal police, court-appointed receiver RSM Richter, and insolvency lawyer Neil Stein.