In the wake of the charges against Earl Jones, another Montreal financial adviser has come under the scrutiny of Quebec's securities regulator.
L'Autorite des marches financiers is asking any possible victims of investment manager Hershey Rosen to come forward.
Rosen was convicted of fraud and stealing funds in the mid-70s and in 1979 filed for bankruptcy.
Thirty years later, he continues to manage money, despite complaints from some of his clients that he was mishandling their account.
Court documents show that since the 90s, dozens of people have filed lawsuits against Rosen's company, Brydere Advisors. Last month, a man in California reported Rosen to the AMF.
"It seems that Mr. Rosen was using clients' money for loans to construction enterprises -- of course with the promise to clients of important benefits, and important returns on their investment," said Sylvain Theberge of the AMF.
His offices and bank accounts are closed, said Theberge.
The news is disturbing to Jim Connell and Melody Pierson, who invested $400,000 with Rosen -- who is Pierson's cousin -- in 2007.
"We always had great laughs and I always felt very safe with him, which is ironic," said Pierson, adding that she knew of Rosen's past but believed in second chances.
"People can reinvent themselves. I chose to forget it," she said.
That trust withered when Pierson had a double lung transplant and urgently needed funds to pay for expensive medication.
When her husband called Rosen to retrieve their money, he said he couldn't give it to them.
"He basically said, 'Well, what do you want me to do about it?' and hung up," said Connell.
The AMF is asking anyone who may have been a victim of Hershey Rosen to call them at 514.395.0311, e-mail them at renseignements-consommateur@lautorite.qc.ca or fill out a complaint form here.
