Tracking $50M in missing investments
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Hey there, time traveller!
This article was published 13/07/2009 (6189 days ago), so information in it may no longer be current.
MONTREAL — An insolvency expert going over the books of a defunct financial adviser’s firm is trying to track what he says might be more than $50 million in lost clients’ funds.
Neil Stein is the insolvency lawyer representing some of the clients of Montreal-based financial adviser Earl Jones who claim they were swindled out of their investments.
“We have about 30 people who had money with Earl Jones,” he said. “We don’t yet know the exact amount, but we believe it’s at least $50 million.”
Jones’s Montreal firm, Earl Jones Consultant and Administration Corp., had clients in Canada and the U.S.
Authorities have been unable to contact him, although it is believed he is in the U.S., possibly in Maine or Massachusetts.
“On Friday evening, we were granted an interim receivership,” Stein said. “So that means we now have all of his records, books and documents, and his accounts have been frozen.”
Montreal police said Jones’s firm is being investigated, although Jones himself has not been charged.
According to the provincial financial regulator’s office, which obtained a freeze on Jones’s personal and corporate accounts on Thursday, there was little money left.
Stein said he’s hoping the review will help determine what happened to the money.
“It’s very difficult to have this amount of money just dissipate,” Stein said. “There has to be money somewhere.”
Stein filed a bankruptcy petition on behalf of the alleged victims. The goal is to seize and distribute assets from Jones’s company among the creditors.
— Canwest News Service
