Victims of fraudster Earl Jones gathered in Pointe-Claire on Saturday to discuss their plight for justice and efforts to launch a $40 million class-action lawsuit against the Royal Bank of Canada.
The meeting falls one year after Quebec's securities regulator froze the accounts of the shamed financial planner and began investigating his activities.
Jones' victims say he was able to carry out his financial crimes because the bank was negligent. Their lawsuit application will be heard July 14.
"Mr. Jones used the Royal Bank exclusively to perpetrate his Ponzi Scheme for 27 years, and not only that, specifically one bank account," said group spokesperson Joey Davis.
"We're very confident that the motion will be granted on Wednesday and that we'll be able to institute the actual action against the Royal Bank thereafter," he added.
In January, Jones pleaded guilty to two charges related to defrauding investors of roughly $50 million. He was sentenced to 11 years in jail, but is eligible for parole after 22 months of detention.
His scams cost many people their life savings and six families were forced to sell their homes. Others face eviction.
A possible resolution with the bank would allow them to recover lost savings.
Victims say they won't stop seeking justice.
"That would be the worst thing in the world, to stop," said Betty Davis. "And I hope other groups will get formed and do the same thing when they get shafted the way we were."
With files from the Canadian Press
