Fraudster served 4 years…
Earl Jones, the disgraced West Island financial advisor and convicted fraudster, is now out on parole. Jones was sentenced in 2010 to 11 years in prison for bilking some 150 investors out of about $50 million. Many of his victims were elderly and their retirement savings were swindled by Jones’ Ponzi scheme. Among the victims was Jones’ own brother, Bevan, who previously told The Times he wished Earl would be locked away for 100 years.
Jones, who was serving time at the Ste-Anne-des-Plaines detention centre, has been eligible for day parole since April 2013 and eligible for full parole since Oct. 2013, after having served one-third of his sentence. Under the conditions of his parole, Jones must stay close to Montreal.
Some of his victims also held the Royal Bank of Canada (RBC) partly responsible for its negligence. RBC agreed to a $17 million settlement in December, but without admitting any wrongdoing.