Saturday, July 11, 2009

Financial Planner Missing With Millions Of His Client's Money

Financial adviser Earl Jones can't be found at his home or office in Pointe Claire.

West Island Financial Planner Missing, Suspected Of Misappropriating Millions -- CTV

Quebec's investment securities regulator has frozen the assets of Earl Jones, a West Island financial planner based in Pointe Claire who has suddenly disappeared and ceased all communication with his clients.

The Autorité des Marchés Financiers (AMF) released a statement Friday afternoon saying the situation has all the appearances of a Ponzi scheme, and that and Jones is suspected of misappropriating between $30 million and $50 million.

The AMF also confirmed to CTV News that despite managing people's money for years, Jones was never a certified or registered financial planner.

Montreal police launched an investigation after receiving a number of calls from concerned investors.

Read more ....

More News On This Suspected Fraud

Assets of vanished Montreal investment adviser frozen -- CBC News
MIA: Earl Jones of Earl Jones Consultant and Administration Corp. -- The Montreal Gazette
Authorities freeze accounts of missing Montreal financial planner -- Canadian Press
West Island financial planner may be behind Ponzi scheme -- CJAD

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