Unregistered financial adviser Earl Jones, who faces criminal charges after clients lost $75 million, will be homeless by the end of this week.
Bankruptcy trustees will take possession of his four homes on Friday and they'll be put up for sale by next week. Jones' brother Bevan, who lost money in the scandal, made it immediately clear Jones would not be welcome in his home.
Between 100 and 150 investors have accused Jones of bilking them out of millions of dollars. It appears that investments dating back to 1985 were spent and never invested as promised - a scam that's often referred to as a Ponzi scheme.
Pointe-Claire meeting
The new details emerged at a creditor's meeting held Wednesday in Pointe-Claire.
Jones sent a letter, through his lawyer, to the bankruptcy trustee asking if Jones could stay in his Dorval condo until the end of the month. His former clients summarily refused the request.
Expensive digs
The trustee also revealed more details Wednesday about the value of Jones' assets, which clients are trying to claim to offset their losses.
His four homes are worth $1.6 million in municipal valuations, though they're mortgaged to the tune of about $1 million and clients can only claim the $600,000 difference.
There's also a bank account in the Bahamas with about $500,000.
Disowned by brother
Jones' brother Bevan, who lost his life savings, said his brother should be put away for a long time.
"He destroyed our family, and our family name," Bevan told CTV News.
"He (the bailiff) should put him out right away."
When asked if he would take his brother into his home, Bevan replied: "no, he is not welcome in our house. Not welcome at all."
