Earl Jones, who is eligible for parole after serving just 3 years of an 11 year prison term, has decided to stay in prison for at least another two years.

The notorious fraudster swindled more than 150 people, including his own brother, out of a collective $50 million.

This week Jones officially notified Corrections Canada that he did not want to take part in a scheduled parole hearing this September.

His next scheduled parole hearing will be in September 2015, however if he changes his mind Jones can ask the board for a hearing with two to five months' notice.

For 25 years Jones operated a Ponzi scheme, taking money from new clients and promising them incredible returns on their investments.

In reality he took that money and used it to fund his own lifestyle, and paid off existing clients.

He was arrested in July 2009 and sentenced the following year.