OK, so he's no Bernie Madoff. He's not even Vincent Lacroix.
But Earl Jones has allegedly done it too. Financial fraud to the tune of $30 to $50 million.
Lots of people (including his brother) have lost tons of money and have financial ruin to look forward to rather than a comfortable retirement.
The man is despicable, I'm not debating that. Utterly and repulsively despicable.
He was also not even a board certified investment specialist. Is is just me, or do his victims also have some small responsibility in this? Did they not check up on this guy with the Authorité des marchés financiers (the Financial Markets Authority) or whatever board certifies these people? I mean, it's not as if Jones was working for a bank or well known financial institution.
Am I just paranoid? Seems to me if I'm investing my money with someone who is working independently, I'm going to find out as much as possible about him/her before they ever see a cent of my money.
This being said, I hope to hell the guy is charged and does a lenghty prison term. Of course, in Quebec that would be surprising. After all no bodily harm was inflicted. Lacroix is already out on probation, so chances are Jones, if ever he is charged, won't spend much time behind bars.
More's the pity.
Update: Mr. Jones gave himself up to the police today. Seems he will be accused of theft and, possibly, fraud.