BEACONSFIELD - 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.