Financial planner Earl Jones has disappeared, Quebec's investment securities regulator has frozen the assets of his company, and now his clients are trying to figure out exactly what has happened.
"I may lose my home," said a distraught Mary Martin.
On Thursday the AMF was able to freeze Jones' accounts, but discovered they contained very little money.
An insolvency lawyer representing some of Jones's clients has been granted access to all his records and books.
According to authorities there is very little money left.
The investors listened as the interim receivers explained that a bankruptcy petition has been filed.
"A petition in bankruptcy is not for the benefit of the individual but is for the benefit of all creditors," said Neil Stein.
Forcing Jones's company into bankruptcy could allow them to seize his assets, if any remain, but that could take months.
Police investigation
Montreal police launched their investigation after clients complained that the cheques they received last month bounced, and they were unable to contact Jones.
The AMF says Jones was apparently running a Ponzi scheme that bilked clients, including some of his relatives, out of up to $50 million.
Frances Gordon is now filing a police report against the man she considers a brother-in-law.
"My partner of 25 years is Earl's brother and we still think we're going to wake up and find it's been an awful nightmare," said Gordon. "We didn't have a whole lot but it's all we had and I still can't believe it."
Despite managing people's money for years, the AMF says Jones was never a certified or registered financial planner.
By all accounts he was exceedingly good at winning people's trust.
Widow Jean Rollinson is one woman who has allegedly been duped by Jones.
Not only is she scrambling to survive, she will have to change her will.
"Well he took all the savings, my life savings. And of course he's the executor of my will so I have to get that all changed," said Rollinson.
Furious investors
The anger at Jones' alleged actions, and his disappearance, has many investors shaking with anger.
Landscaper Danielle Octeau went up to Jones' Mt. Tremblant home and ripped out the flowers she had just planted.
"We're pretty pissed off because they were very, very nice people," said Octeau.
"I can't even tell you what I want to do right now," said Andre Thiem, whose mother invested with Jones.
But Frances Gordon is one of many people who just want Jones to show up and explain exactly what happened.
"I would say come back, please come back Earl and tell us what happened, because we have to know, we don't understand,"
