MONTREAL - Accused Ponzi scammer Earl Jones was declared personally bankrupt by a Quebec court on Wednesday, but he has minimal assets and there's no sign of the millions of dollars of clients' money that is missing.
A Superior Court hearing revealed the embattled self-described financial adviser doesn't appear to have much left worth protecting from the horde of creditors who want his assets.
The ruling allows for a more thorough investigation into Jones' personal finances and will also compel him to get involved in the process.
Jones did not intervene in the proceedings against him and was not present in court.
Bankruptcy lawyer Neil Stein said Jones cannot remain silent much longer because he intends to subpoena him soon.
Stein said outside the courtroom that Jones' lack of involvement shows disrespect to his former clients.
"It's not normal, number one," he said of Jones' refusal to participate in the process.
"Number two, he owes some explanation to the victims of his actions."
Jones is accused of bilking more than 100 clients out of up to $50 million.
A meeting on Tuesday of the alleged fraudster's creditors revealed Jones personally withdrew more than $12.3 million from his company's account.
But the interim receiver in the case, RSM Richter, said the final figure could be much higher because banking records can't be found for the years 2000 to 2008.
Superior Court, RSM Richter
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