An investment advisor operating out of Montreal may have bilked clients out of as much as $50 million
The search is on in Montreal for some $50 million worth of investments that may have disappeared in a ponzi scheme. At the centre of the alleged fraud is Earl Jones and his company, Earl Jones Consultant and Administration Corp. Jones, who operated out of Montreal’s West Island, is thought to have defrauded dozens out of their savings in a Bernie Madoff-like scheme that paid off old investors with money collected from new ones. (Madoff was sentenced to 150 years behind bars late last month.) So far, three boxes of banking documents have been recovered from Jones’ company and a bankruptcy petition related to the case will be heard in Quebec Court on July 29. The whereabouts of Jones, however, remains unknown, though it’s believed he is in the northeastern U.S.