Saturday, July 11, 2009

Money Mystery: Did West Islander Earl Jones 'Pull A Madoff'?

A notice by police is taped up beside the locked door of Earl Jones Consultant and Administration Corp. yesterday. Jones and $30 million to $50 million of investors' money have disappeared. Photograph by: John Kenney, The Gazette

From The Montreal Gazette:

Up to $50M vanishes. Money manager sought in connection with 'suspected diversion' of investments

MONTREAL - When a $300 cheque from West Island money manager Earl Jones bounced in June, Doris Babbington of Meaford, Ont., left a message on the answering machine of her longtime friend wondering whether he was "pulling a Bernie Madoff?"

The answer, it now appears, was yes.

Jones has disappeared, an estimated $30 million to $50 million has vanished, and dozens of investors - including Babbington - are in shock after the discovery of what authorities are calling "a sizeable Ponzi scheme" that operated outside any regulatory framework.

Read more ....

No comments: