Victims of a multi-million dollar Ponzi-scheme are disappointed to learn that the man behind it, Earl Jones, has been released from prison after serving four years of an 11-year sentence. Several senior citizens living in the Montreal region were bilked of their life savings between 1982 and 1991.
Canada often releases prisoners after they serve only part of their total sentence if they are deemed to no longer be at risk of reoffending. That was mentioned in Jones’ case. As well, the parole board said Jones now expresses remorse for his actions and “sincere empathy” for his victims.
Frances Gordon, the widow of Jones’ brother and one of 158 victims, says she was bilked of $720,000 by Jones.
She told CBC News she wonders if her brother-in-law’s life will be more difficult as a free man. Said Gordon, “Everyone knows his face in Montreal, so if he walks in the street he’s going to be recognized.”
Some compensation for victims
More than 150 of Jones’ victims reached a $17-million out-of-court settlement with the Royal Bank of Canada in March 2012. They received their cheques in December 2013.
The plaintiffs said the bank could have done more to stop Jones, who regularly deposited cheques with double endorsements and forged signatures.
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