Quebec's investment securities regulator has frozen the assets of Earl Jones, a West Island financial planner based in Pointe Claire who has suddenly disappeared and ceased all communication with his clients.

The Autorit� des March�s Financiers (AMF) released a statement Friday afternoon saying the situation has all the appearances of a Ponzi scheme, and that and Jones is suspected of misappropriating between $30 million and $50 million.

The AMF also confirmed to CTV News that despite managing people's money for years, Jones was never a certified or registered financial planner.

Montreal police launched an investigation after receiving a number of calls from concerned investors.

Dozens of clients reported that the interest cheques they received last month bounced, and that they have not been able to contact Jones for the past week.

Jones has not been reachable at home or at work, and there is a pile of unopened mail outside of his office door.

"We think that this investigation will be larger than the Montreal area," said Montreal police Insp. Daniel Rousseau.

Ominous message

A message on Jones's answering machine says he can't pay anyone. The message is as follows:

"You have reached Earl Jones. If you are calling regarding your account with us, we are not in the position to remit your funds. You will hear from us after 30 days. In the meantime, phone calls and mail will not be answered. This message was registered on July 10th, 2009."

Clients, neighbour speak

Clients stopped by Jones's office near St. John's Blvd throughout Friday morning, wondering where their money went.

Joey Davis, whose 76-year-old mother invested her life savings with Jones, said she's in "terrible shock."

"She can't believe what's going on," said Davis. "She's reaching out to other clients of Earl Jones and they're all saying the same thing so it's a consistent story that's coming out. It's a pattern that's emerging."

In a telephone interview, investor Christine Marlowe told CTV News she was stunned by the news.

"I felt sick. I have my son's education money in there, I basically have my life savings, my house..."

Jones's neighbour, Margarita Reti, said she last saw him having supper with his wife on a terrace on Tuesday.

"He was having white wine, she was having red wine, and then they had a cappuccino and they left," she said, adding that she hadn't seen them since.

Lawyer "outraged"

Bram Campbell, a lawyer who defends investors in fraud cases, said he is "outraged" by the revelations about Jones.

"I do not believe there is enough inspection by the AMF on these financial planners. That's why the chickens are coming home to roost, and that's why we have cases where financial planners disappear," Campbell said.

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