MONTREAL — Montreal financial adviser Earl Jones is being freed on certain conditions after his arraignment today on four charges of fraud and four of theft involving four alleged victims.
Jones has been ordered to return to court in September.
Quebec’s financial securities regulator alleged earlier this month Jones may have swindled investors out of between $30 million and $50 million.
His lawyer, Jeffrey Boro, says his client is relieved he is being freed pending his next court appearance.
Jones, who was taken into custody by police on Monday after disappearing about three weeks ago, is not allowed to manage other people’s money and must surrender his passport.
Someone also had to post bail of $30,000 to secure his release.
Jones is alleged to have operated a Ponzi scheme in which investors are paid by their own money or money from other investors rather than from any actual profit earned in the stock market or other investment vehicle.