There is still no sign of Earl Jones, a financial consultant based in Pointe Claire, who is suspected of bilking investors out of up to $50 million.
Montreal police launched an investigation after clients reported that the cheques they received last month bounced, and they were unable to contact Jones.
Bankruptcy trustees combed through Jones's office on Monday to see if they could recover any money, but so far all of his accounts are empty.
"I might lose my home," one elderly woman told CTV News, her voice trembling.
People trusted him
Jones, who sat on the board of directors of hospital foundations and charities, had earned a good reputation in the community.
"We found him very affable, and he seemed straight," said investor Betty Davis, who met Jones in 1980.
"He was always interested in what was happening with the boys, how I was doing, how my golf game was going."
Another investor, and a childhood friend of Jones, told CTV News she called him last month when cheques started to bounce.
He called her back and said, "Hi, this is Earl. I'm sipping tequila in Acapulco, Mexico. Don't worry, your cheque's on the way."
What's next?
Quebec's financial watchdog, the Autorit� des march�s financiers, has frozen Jones' accounts, and an insolvency lawyer representing some of his clients has been granted access to all his records and books.
Forcing Jones's company into bankruptcy could allow his assets to be seized, if any remain, but that could take months.
Furthermore, because Jones was an unlicensed financial planner, investors are unlikely to see their money again.
Montreal police say they are building a case against Jones and could issue an arrest warrant in the coming days.
