CTV News Montreal

Updated: Tue Jul. 14 2009 7:44:47 PM

ctvmontreal.ca

Bevan Jones, the brother of the West Island financial consultant suspected of bilking investors out of up to $50 million, says he's devastated to be one of Earl Jones's alleged victims.

"I don't know how it happened. Everything was going great," Jones told CTV News in a telephone interview.

Earl Jones, who disappeared sometime last week, allegedly defrauded some 150 clients -- including several family members and close friends -- out of their life savings.

Bevan Jones can't believe it.

"The money was there. We cruised a lot. We travelled a lot. Now that's coming to an end. There's no money in the bank to go cruising," said Jones.

Last week, Jones celebrated his 70th birthday. For the first time in his life, he didn't receive a call from his brother.

"I haven't seen him or heard from him at all. I don't know where he is," he said.

Jones said he has a message for his brother:

"I love you. I love you and come back."

Comments are now closed for this story

Exactitude
This is a very unusual situation for Earl. There must be another reason for his disappearance. Before everyone castigates him let the authorities do their job in finding the money and Earl. I believe there are mobs such as "Russian" that could have set this whole affair in play. Be patient.

Cameron Gordon
What Earl Jones has done is terrible and especially to his own family. I also take this to heart because Bevan and Frankie Jones are my grand-parents and I hope that he has not spent other peoples money as well as his own brother/ my grandfather. What has been done cannot be undone and all I hope is that my grandfather and grandmother get there life savings back and are able to go on more cruises.

Markus
To search if a company or person is registered with the AMF: Go to the AMF Website. Select "Register of firms and individuals authorized to practice" from the left hand side. You then have several categories to choose from. The one most of you would be interested in is the third (3rd) option, because the people in that category have licenses for Life & Health Insurance, Group Insurance, Mutual Funds and "RESP Only" type investment products. Those are the most typical non-banking products that average people purchase. Type in the name of somebody you deal with, like an insurance agent for example. The person's name will come up and it will show who they work for and what licenses they have. Financial Security Advisor = Life & Health Insurance. Group-Savings Brokerage = Mutual Funds. It doesn't matter if they are employees (i.e. Bank) or commissioned agents (i.e. insurance / investment company or brokerage), everybody is required to have a license to sell non-banking financial products. Tyical banking products like bank accounts, GICs, loans & mortgages don't require representatives to hold licenses (although they probably should in my opinion). The AMF website also carries numerous press releases about other fraudsters in Quebec, and they are very many. Technically, Earl Jones' employees had to be licensed too if they consulted clients about financial products. Without a license, they can also be fined and prosecuted.