Montreal Madoff? Adviser accused of running huge Ponzi scheme

A financial adviser who allegedly defrauded clients out of millions of dollars is scheduled to appear in a Montreal court today after being arrested by Quebec provincial police, according to published reports.
Earl Jones is charged with attracting more than 50 investors to his unlicensed business in Pointe-Claire, Montreal, and then stealing between $30 million and $50 million.
He was allegedly running a Ponzi scheme until July 10 when the Autorité Des Marchés Financiers froze his bank accounts as a result of several complaints from clients.
Mr. Jones’ business has “all the hallmarks of a Ponzi scheme,” said Sylvain Theberge, a spokesman for the securities regulator.