Fraudster Jones pleads guilty to fraud charges
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Former financial adviser Earl Jones has pleaded guilty to two charges related to defrauding investors of about $50 million.
Jones entered the plea in a Montreal courtroom on January 15.
Jones ran a Ponzi scheme that led to the disappearance of millions of dollars in investors’ savings.
He was charged at the end of July with four counts each of fraud and theft involving former clients.
Former Jones customers - mainly elderly pensioners – have accused him of swiping their life savings.
His case caused a public outcry that has helped lead to tougher white-collar crime legislation adopted by the federal government.
His wife Maxine, who has claimed she had no prior knowledge of his alleged financial misdeeds, has filed for divorce. Both he and his financial-services company have been declared bankrupt.
Jones, who is reportedly living off his modest government pensions, had been largely underground since his initial court appearance.
Both Crown prosecutor Pierre Levesque and Jones’ lawyer, Jeffrey Boro, suggested a prison term of 11 years when he is sentenced February 15.
