Earl Jones victims sue Royal Bank
Written by on February 5th, 2010 in Latest News.
The victims of Montreal financial adviser Earl Jones announced Friday they have launched a class action against the Royal Bank of Canada.
The petitioner named in the suit is Virginia Nelles, whose brother and mother lost nearly $1 million invested with Jones.
Victims of Montreal financial adviser Earl Jones announced Friday they have launched a class action lawsuit against the Royal Bank of Canada. (Graham Hughes/Canadian Press)
The suit alleges that the Royal Bank’s Beaconsfield Branch in Montreal and its employees were aware that Jones was misusing his personal account at least as far back as November 2001.
Jones is due to be sentenced on Feb. 15 after pleading guilty last month to two counts of fraud totalling roughly $50 million. The charges covered his 27-year career as a financial adviser on Montreal’s West Island.
Jones bilked 158 clients out of $50.3 million.
