RBC settles with Earl Jones victims

According to CTV Montreal, RBC has settled a multi-million dollar class action lawsuit out of court.

The bank settled to the tune of $17 million with the victims of Earl Jones. Jones was a deceitful financial advisor who conned millions of dollars out of his clients. He ran a classic Ponzi scheme for years before being discovered and arrested three years ago. 

Bank managers at an RBC in Beaconsfield were revealed to have known of Jones scheme since 2001. In light of this and that they did nothing to stop him, court approval was given to the victims to file a lawsuit against RBC.

Many of Jones victims mortgaged their houses to buy in to his scheme. They are now left with very little. Luckily the settlement with RBC covers nearly 50% of the total investments.

Flickr photo: Ian Muttoo