Sunday, July 12, 2009

Search On For Missing Millions

The plaque on the locked door of Earl Jones's office in Pointe-Claire. Jones and $30 million to $50 million of investors' money have disappeared. Photograph by: John Kenney, The Gazette

From The Montreal Gazette:

Earl Jones scandal Investors included old friends and relatives.

What happened to all the money?

That's the latest question in the Earl Jones case, dubbed the Madoff of Montreal.

"We have about 30 people who had money with Earl Jones," said Neil Stein of Stein and Stein, the insolvency lawyer representing some of Jones's clients. "We don't yet know the exact amount, but we believe it's at least $50 million." Jones is alleged to have swindled dozens of people - including his own relatives - out of large sums of money in a Ponzi scheme.

His company in Pointe Claire, Earl Jones Consultant and Administration Corp., handled clients in Canada and the United States.

Authorities have been unable to contact him, although it is believed he is in the U.S., possibly in Maine or Massachusetts.

Read more ....

Update #1: Financial scam victims come forward -- CTV

Update #2: Assets of vanished Montreal investment adviser frozen -- CBC

My Comment: You just know that this was a Ponzi scheme, and the money ran out a long time ago.

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