BEACONSFIELD, Que. – Victims of financial fraudster Earl Jones held a protest today marking the second anniversary of his arrest.
Demonstrators gathered outside a Royal Bank of Canada branch on Montreal’s West Island where much of the $50 million lost by his clients was held.
The fraud victims argue RBC (TSX:RY) was aware of irregularities in the Jones account but did nothing.
They filed a class action lawsuit against the bank last year, alleging it was responsible for their financial losses.
RBC has offered $12.5 million in compensation but the victims want $40 million, and argue the bank has been purposefully delaying the lawsuit.
Last year Jones was sentenced to 11 years in prison for defrauding more than 150 clients over a 25-year period.
He was arrested in July 2009 after the fraud case was discovered.
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