CTV News Montreal

Updated: Sat Jul. 11 2009 6:08:04 PM

ctvmontreal.ca

A disturbing portrait is emerging of the Montreal man suspected of being behind a huge financial scam.

Earl Jones has disappeared. He is nowhere to be found, and has allegedly misappropriated $50 million belonging to clients and friends.

The phone message on his company's voice mail system tells clients that he is not in a position to remit their funds.

Now people who know the man are coming forward and sharing their tales of woe.

Charlie Washer is a retiree in the Laurentians, who has known Jones for 55 years. He's been best friends with Jones' brother for all that time.

It appears that long personal relationship did not stop Washer from becoming another alleged victim.

"I keep waking up in the middle of the night thinking that maybe there's an explanation. But when you see the letter such as I got there, this was a planned event," said Washer.

Washer says that last April, he was contacted by Jones about a get-rich quick scheme. Jones said Washer could make a nice bonus if he loaned two people $125,000

Jones told Washer that the family of a late NHL referee needed cash fash.

According to the story Jones told Washer, "one of the sons was going to buy a house but they needed money right away and they would be willing to pay a premium of about $15,000."

Washer never got any of his money back. Not only that, he later learned that the family, who were clients of Jones, had no inkling their name was being used.

"I did talk to Red Storey's wife, she knew nothing about this," said Washer.

By all accounts, before this week's disappearance, Jones was a pillar of the community, who is now accused of exploiting all his contacts.

"He spared no one and I'm talking close, well, brother, nephews," said Washer. "Best friends, people he played hockey with 40, 50 years ago."

Washer said he has spoken to several family members over the past few days, and nobody had any idea that Jones was anything but an upstanding citizen.

Police have scheduled a meeting for Sunday at 1 p.m. at the Holiday Inn in Pointe Claire, where they will tell investors what they know about the alleged scheme.

Comments are now closed for this story

Lisa
What a jerk! Some people simply have no heart. For all of you who lost money, sue who you have to sue. AMF, the securities regulators, gov't. This is the Canadian MADOFF!

Mohammed Ali Younis
This is really sad; what scammers like Earl Jones and Bernie Madoff are doing is killing the trust that people among each other and with the financial system in general.
Socially and economically, this should have a more devastating long term effect than a simple monetary loss.

Canadiehn
Well, here we go again. I guess people will never learn.

shink
There are 2 brothers & a sister living in the Montreal area.