More investors said on Monday they were victims of an investment advisor whom they allege ran a so-called Ponzi scheme similar to the one that landed U.S. fraudster Bernard Madoff in jail for life.
Bertram Earl Jones, who won clients through word of mouth and was not registered with securities authorities, allegedly swindled investors out of as much as C$50 million ($43.5 million), according to one of Canada’s top securities regulators, Quebec’s Autorite Des Marches Financiers.
Most of the investors were from the French-speaking province of Quebec, although others were from elsewhere in Canada and the United States, the regulator said.
The alleged scam was discovered only last Wednesday, after investors alerted authorities that checks were bouncing and Earl Jones was not answering his phone or his e-mails,
Read Pav Jordan’s full article “Canada investment adviser accused of Ponzi scheme” in Reuters (July 13, 2009).