Montreal fraudster freed from prison

Montreal fraudster freed from prison

Montreal fraudster freed from prison Renowned Montreal fraudster, Earl Jones, who bilked his clients of more than $50 million over three decades, was released from prison Thursday.

Corrections Canada advised victims of the fraud that Jones would be released in Montreal on March 20. He was eligible for early parole because his crime was not considered violent.

The fraudster's Ponzi scheme, uncovered in 2009, promised high rates of returns on his clients' investments between 1982 and 1999. Jones - who was never registered as a financial advisor or a stock broker - never invested the money and, instead, issued fake statements indicating reported interest. His victims - mainly elderly clients - handed over their life savings, pensions and estate inheritances.

On his clients' tab, Jones enjoyed a lavish lifestyle purchasing properties in Dorval, Boca Raton, Mont Tremblant and Cape Cod. He also took cruises and paid for his two daughters' weddings, according to the Montreal Gazette. One year, the Gazette reported, Jones claimed he earned a $38,000 annual income, when he had, in fact, used more than $700,000 out of an in-trust account for personal use.

Jones fled when his scheme was uncovered in July 2009, but was later found and questioned by the Surete du Quebec, where he confessed. He plead guilty in court January 2010 and was sentenced to 11 years in prison for fraud and theft.

In addition to being permanently banned from working in the financial industry, Jones' is prohibited from traveling more than 50 kilometres from his Montreal residence, must report to his parole officer each week and is forbidden to contact his former clients, according to his probationary conditions.

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  • MQ 2014-03-20 1:42:51 PM
    He was never registered as an Adisor or Broker, yet it still tarnishes the industry.
    Isn't it time to be able to have a license displayed and use in advertising?? Not just course completed certificates that can be duplicated/photoshopped??
    An 11 year sentence gets reduced to 4 years, certainly not disincentive for white collar crime. He'll be able to retire quite nicely.
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  • Ken MacCoy, CHS 2014-03-20 2:14:04 PM
    As I posted on an earlier article on: 10/03/2014

    Quails gets 17.5 years from a U.S. court for ripping off $1 million from investors; while a Cdn. court only gave Earl Jones 11 years for his $50-million Ponzi scheme.

    Meaning Jones will be eligible for 'early release' after what ... 8 years? Something wrong with this picture.

    The Canadian courts need to start sending a stronger message!

    I thought early release was 8 years was bad. But, 4 years ... that's no deterrent to the crime. - I'll bet, Jones lived an easier life for the past 4 years with 3 meals a day and a room over his head ...than many of the clients he ripped off.

    Corrections Canada &/or the parole board need a reality check! To say: He was eligible for early parole because his crime was not considered violent a pile of bull-crap. How would those 'bleeding hearts' feel if it had been them or a relative who had been ripped off.

    It's time to get tough on white collar crime!

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