Earl Jones

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From July 9 to 26, 2009, Bertram Earl Jones disappeared. The Montreal Gazette has reported that he promised Bernard Madoff-like returns to prospective clients. The CBC has reported that C$50 million (USD $46 million) may be lost. CBC Radio One reported on July 16 that unless Jones returned, Quebec authorities would proceed with the insolvency proceedings of his firm in his absence. On July 27, 2009, Jones surrendered to police. On August 19, 2009, CBC Radio One, Montreal, reported that the Quebec bankruptcy judge declared his firm to be bankrupt.[citation needed] On December 3, 2009, CBC Radio One reported that his Dorval, Quebec condo is on sale for $950,000 as part of the bankruptcy proceedings to partially pay off creditors. On January 14, 2010, Global TV Montreal reported that Jones admitted in court filings to having engaged in the Ponzi scheme for at least twenty years. On January 15, 2010, Jones pleaded guilty to two counts of fraud, and on February 15, he was sentenced to 11 years imprisonment. On February 5, CBC News reported that some of Jones' victims announced plans seek a class action suit against Jones' banker, Royal Bank of Canada. They allege that RBC knew or should have known that Jones was misusing his RBC account and failed to take corrective measures. RBC claims not to know that Jones was misrepresenting its role in his affairs until his 2009 arrest. The suit was prompted by a Fifth Estate report which asserted that as early as 2001, RBC knew Jones was passing off his personal account as an in-trust business account. RBC did not ask him to open a commercial account until 2008 - just before the scandal broke.