Canadian Ponzi scheme suspect freed

July 28, 2009 at 8:52 PM

MONTREAL, July 28 (UPI) -- A judge in Montreal Tuesday set bail at $30,000 for Earl Jones, an investment adviser accused of swindling clients out of up to $50 million.

Jones, 60, was freed after a relative posted the bail, The Globe and Mail reported. He also was to turn in his passport and promise to stay in Quebec province.

Judge Manon Ouimet also ordered that "the accused shall not manage other people's money," prompting rebukes from among some of the victims of Jones's alleged Ponzi scheme who were in the courtroom.

"It's like a guy commits murder and (he's told) don't do it again," Charles Washer, a former friend who says he lost $125,000, later told the newspaper.

Jones, who had turned himself in to police Monday, faces four charges of fraud and four of theft.

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