A Quebec court has given the victims of financial fraudster Earl Jones the go-ahead to file a class action lawsuit against RBC.
Superior Court Justice Robert Mongeon gave the green light in a Montreal courtroom on July 14. Former clients of the financial adviser allege a Montreal-area branch of the RBC bank was aware of irregularities in the Jones account but did nothing. Jones pleaded guilty last January to two charges related to defrauding investors of about $50 million and was sentenced to 11 years in jail.
The scam cost many people their entire life savings and none of the money has been recovered. Six victims have lost their homes and 11 more face possible eviction when their mortgage relief runs out in August.