Tweet
Financial fraudster Earl Jones pleads guilty
Updated: Fri Jan. 15 2010 15:01:46
CTV.ca News Staff
Former financial planner Earl Jones has pleaded guilty to two charges relating to defrauding investors of about $50 million.
Jones entered the plea in a Montreal courtroom Friday morning. He was charged at the end of July with four counts each of fraud and theft involving former clients who lost millions of dollars in savings in a Ponzi scheme run by Jones.
His former clients -- many of whom are pensioners -- have accused him of stealing their life savings.
Quebec provincial police have interviewed as many as 159 people who have accused Jones of cheating them out of investment money.
Joey Davis, whose mother lost about 90 per cent of her life savings, told CTV News Channel that his victims are happy that Jones pleaded guilty instead of going through a trial.
"It's brought a lot of emotional relief to us as victims, that it's not going to be drawn out over a long trial, that he fully admits what he's done is wrong. So in that sense we have a sense of victory," he said.
The disgraced financial advisor was freed on $30,000 bail after charges were laid against him, and has been keeping a low profile since his arrest, living off a small pension. Both he and his financial services company have been declared bankrupt.
Maxine, Jones' wife, has filed for divorce and claims she was unaware of the alleged Ponzi scheme.
Jones' arrest sparked a public uproar. Many of his alleged victims formed a new anti-white collar crime organization called the Be Strong Movement, and new federal legislation on financial crime in Canada was developed in the wake of the case.
Davis said Jones' victims feel banks should also be held accountable.
He said his lawyers are requesting meetings with certain banks, which he says should have been more vigilant.
"Shame on us for not doing our homework, that's fine. But a greater responsibility is on the part of the banks themselves, who allowed this man to carry on these transactions and his operation of a Ponzi scheme for over 20 years."
Jeffrey Boro, Jones lawyer, said last month that he wouldn't be surprised if additional charges were laid against his client.
Jones has been ostracized by the community in Montreal, Boro added. Taxi drivers have apparently refused him fares and landlords have declined to rent to him.
Two of the four properties he once owned -- a luxury condominium in a Montreal suburb and a second condo in Mont-Tremblant, Que. -- were put up for sale in December.
However, there appears to be very little money left for creditors.
With files from The Canadian Press
Sign Up Now!
Updated: Fri Jan. 15 2010 15:01:46
CTV.ca News Staff
Former financial planner Earl Jones has pleaded guilty to two charges relating to defrauding investors of about $50 million.
Jones entered the plea in a Montreal courtroom Friday morning. He was charged at the end of July with four counts each of fraud and theft involving former clients who lost millions of dollars in savings in a Ponzi scheme run by Jones.
His former clients -- many of whom are pensioners -- have accused him of stealing their life savings.
Quebec provincial police have interviewed as many as 159 people who have accused Jones of cheating them out of investment money.
Joey Davis, whose mother lost about 90 per cent of her life savings, told CTV News Channel that his victims are happy that Jones pleaded guilty instead of going through a trial.
"It's brought a lot of emotional relief to us as victims, that it's not going to be drawn out over a long trial, that he fully admits what he's done is wrong. So in that sense we have a sense of victory," he said.
The disgraced financial advisor was freed on $30,000 bail after charges were laid against him, and has been keeping a low profile since his arrest, living off a small pension. Both he and his financial services company have been declared bankrupt.
Maxine, Jones' wife, has filed for divorce and claims she was unaware of the alleged Ponzi scheme.
Jones' arrest sparked a public uproar. Many of his alleged victims formed a new anti-white collar crime organization called the Be Strong Movement, and new federal legislation on financial crime in Canada was developed in the wake of the case.
Davis said Jones' victims feel banks should also be held accountable.
He said his lawyers are requesting meetings with certain banks, which he says should have been more vigilant.
"Shame on us for not doing our homework, that's fine. But a greater responsibility is on the part of the banks themselves, who allowed this man to carry on these transactions and his operation of a Ponzi scheme for over 20 years."
Jeffrey Boro, Jones lawyer, said last month that he wouldn't be surprised if additional charges were laid against his client.
Jones has been ostracized by the community in Montreal, Boro added. Taxi drivers have apparently refused him fares and landlords have declined to rent to him.
Two of the four properties he once owned -- a luxury condominium in a Montreal suburb and a second condo in Mont-Tremblant, Que. -- were put up for sale in December.
However, there appears to be very little money left for creditors.
With files from The Canadian Press
Sign Up Now!