MONTREAL -Christmas came early for the clients defrauded by Earl Jones.
The more than one hundred victims will find class-action settlement cheques in the mail.
The investment advisor was arrested in 2009 for perpetrating a 30-year Ponzi scheme, putting 158 clients, mostly seniors, out about $50 million.
He was convicted on two counts of fraud and is now serving an 11-year sentence.
In 2010, a class-action suit was launched against the Royal Bank of Canada alleging the bank did nothing to stop the fraud despite being aware Jones was using his personal account as a business “In Trust” account.
The class-action suit was seeking $40 million but the payout to victims will be $12.2 million after lawyer fees.
“From the onset of this affair my goal has been to provide these people with some degree of peace and closure,” said Kevin Curran, founding member of the Earl Jones Victims Organizing and Claims committee.
“I am hopeful the holiday disbursement will provide both, and we can all face a brighter 2014,” he said in a press release.
Those receiving cheques will get about 45-cents-on-the dollar for their losses.
Comments