Canwest News Service reported Jones, 67, told a Montreal court Friday he was sorry and later cried before being led away to be processed for jail.
Jones, wearing baggy jeans, a plaid shirt and a sweater vest, admitted to two counts of using deceit and lies to scam his investors out of $50.3 million rather than go through with a trial, Canwest said.
Judge Helene Morin is to sentence Jones Feb. 15. Prosecutors want him locked up for 11 years.
Among the several victims who showed up at the courthouse to let Jones know what they thought of him was Charlie Washer, who shouted, "Get the toilet paper, there's a piece of (expletive) there."
Washer lost $125,000 to Jones, Canwest said.