We Regret To Advise You...

Another calamitous financial event impacting on peoples' trust and their economic futures. A man whose ingratiating kindness, empathy for others, and long-term success in persuading people that their finances are in good hands with him, has betrayed that trust, and left hundreds of people, including members of his own extended family, penniless. Shock and disbelief does not begin to describe the kind of emotions that these bilked individuals are experiencing.

Little wonder that the Montreal-area financial advisor/investor has claimed, through his lawyer, to have received threatening telephone calls. As though those who have threatened him are to blame for his having secreted his presence away from an irate public who trusted him with their retirement funds. Some of whom now say they have been forced to visit food banks, others who say they can longer afford adult diapers. Some of those who trusted this man entrusted hundreds of thousands of their hard-won dollars with him.

They have no hope of ever recovering those funds. They may, however, see him again, their trusted family friend and financial advisor, in court. Montreal police don't seem to be in a great hurry to arrest him. Authorities whom distressed investors have turned to for information and some relief from their conundrum have been unable to address the issue, advising them to turn to other agencies, who themselves offer a metaphorical shoulder-shrug.

And then, almost two weeks after news of this financial misadventure, the family of Earl Jones, investment adviser, issued a statement. Claiming to have been "in the dark about his business activities". Their statement has done little to placate the outrage and fear being expressed by Earl Jones's financial victims. The fact that the family of the 57-year-old Earl Jones - who quite clearly appears to have absconded with between $50- to $100-million of funds entrusted to his care - has hired a public relations firm, speaks volumes about authentic regret.

We are devastated by what has happened to all who put their trust in Earl Jones as a financial adviser but also as a friend, neighbour and community leader. We want to express our profound regret for the pain and suffering that he has caused and state our own sense of deception. Over the past days since becoming aware of the situation we too have experienced a wide range of emotions, from anger to despair and disillusionment. The Earl Jones we knew was a loving husband, a devoted father and grandfather, and a respected member of the community. The Earl Jones who has been revealed in recent days is a man we can scarcely believe exists. Earl's daughter and her husband are also financially exposed and now fear that they will never recover their funds. The family was in the dark about his business activities but will of course co-operate fully with the authorities. We are anxious for Earl to come forward and provide an explanation. Once again, we wish to express our heartfelt regret to those who have been hurt by Earl Jones. At the same time we hope that you will recognize the sense of shock, grief, shame and outrage that we are experiencing, and we plead that our family's privacy be respected in this very difficult situation.

While, if the family is truly innocent of background knowledge of their husband and father's criminal activity, and are themselves reeling under the shock of the disclosure, surely the decent thing to do might have been to spontaneously - without the paid assistance of a public relations professional, utter some comforting words of support to those victimized by Earl Jones. Pleading for respect of their privacy in their very difficult situation, might not play very well with the victims of Earl Jones's Ponzi scheme. A woman married for 42 years to this man, yet unaware of his sinister enterprise?

The man very well may fear for his physical safety. And so he should. People who have done much less in betraying the trust of hundreds of people, in directly being responsible for their impoverishment and the shock of lessening the quality of their lives, have also been fearful for their safety. This was a man whom everyone who knew him claimed to be charming, friendly, who insinuated himself into the personal lives of those whose financial affairs he took over. Who had, in the final analysis, very little compunction in leaving them in penury.

The Autorite des marches financiers of Quebec, in responding to the alarmed concerns of investor complaints, sought to freeze Mr. Jones's bank accounts. Only to discover them to be virtually devoid of contents. The police are cautiously investigating Mr. Jones's files to determine whether a forensic audit reveals criminal activities. Upon which establishment charges may be laid. Mr. Jones appears to be agreeable to making himself available for police interviews in their investigation.

Innocent until proven guilty. That $50- to $100-million that has mysteriously disappeared? Amnesia, perhaps. A mental breakdown, perhaps. And if so, can he be held accountable?