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Lawyer: Ponzi suspect still in Canada

  |   July 22, 2009 at 10:12 AM
MONTREAL, July 22 (UPI) -- A missing Montreal man suspected of orchestrating a $50 million Ponzi investment scheme is still in Canada, a lawyer told the Globe and Mail.

Criminal lawyer Jeffrey Boro said in an interview he is in regular contact with Earl Jones, who disappeared nearly two weeks ago, leaving a trail of bounced checks with clients.

"The rumors of him being all over the world are untrue. He is in Canada," Boro said. "He is in constant contact with me. I am in contact with the police."

Quebec provincial police and the provincial financial regulator are examining corporate records of Jones's firm, although initial reports said the company's general ledger was missing when the offices were raided.

Boro said Jones is willing to speak with investigators once their audits are complete, the Globe said. He said Jones had made one visit to the United States, which police knew about.

One of the clients who lost money is Jones' brother, Bevan, who has made public appeals for his brother to come forth and explain what happened to the money, the report said.

Ponzi schemes involve using new clients' money to pay interest to older clients in an expanding pyramid.

Topics: Earl Jones
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