Canadian Ponzi suspect surrenders

July 27, 2009 at 7:44 PM

MONTREAL, July 27 (UPI) -- Earl Jones, the Canadian financial adviser suspected in a multimillion-dollar Ponzi scheme, turned himself in to police in Montreal Monday, authorities said.

Jones, 60, is suspected of diverting between $30 million and $50 million in investments from about 50 investors. He had been sought by police since authorities froze his assets this month.

Jones was led out of his attorney's office in downtown Montreal about 1 p.m. and is expected to face charges Tuesday, the Canadian Broadcasting Corp. reported.

His attorney, Jeffrey Boro, has previously described Jones as a "very depressed individual … dealing with an awful situation."

In a Ponzi scheme, money from new investors is used illegally to pay off earlier ones.

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