Quebec financial adviser Earl Jones was freed Tuesday afternoon on $30,000 bail.
Jones will return to court in September to face four charges of theft and four of fraud.
Jones, 67, passed himself off as an investment advisor and is believed to have lost up to $50 million of investors' money in a Ponzi scheme.
The charges laid thusfar are related to James Heywood, Diane McLean, Christine Marlow, and the estate of James Harrison Ross. More charges are expected to be laid in connection with about 200 of Jones's investors.
"I believe that the police were in a position in at least these four files to say we have a case," said Boro. "But they're not in a position fully in other files to say there has been a fraud or a theft."
He said that until police could prove theft or fraud in the other cases, there would not be charges.
Jones was taken into custody by Montreal police Monday afternoon after disappearing for about three weeks.
As conditions of his release, Jones had to surrender his passport and is not allowed to manage other people's money.
With files from the Canadian Press
