* Earl Jones pleaded guilty to two fraud charges
* Prosecutors say he bilked investors out of C$50 million
TORONTO Feb 15 A Montreal financial adviser
convicted of running a Ponzi scheme like the one that landed
Bernard Madoff in jail for life was sentenced to 11 years in
prison on Monday, a Quebec court said.
Bertram Earl Jones, who found most of his clients by word
of mouth, was accused of swindling investors out of as much as
C$50 million ($46.7 million), according to Quebec's Autorite
Des Marches Financiers, one of Canada's top securities
Earl Jones, 67, pleaded guilty last month to two fraud
charges related to a Ponzi scheme in which he would use funds
from one client to pay guaranteed returns to another, without
ever investing the funds, prosecutors said.
The scheme, which extended over 20 years, came to light in
July after investors, mostly elderly retirees, complained to
authorities that checks issued by Earl Jones were bouncing and
he was not returning their phone calls.
A month earlier, Bernard Madoff was sentenced to 150 years
in jail for a Wall Street investment fraud that is believed to
have bilked investors out of about $65 billion.
(Reporting by Frank McGurty and Pav Jordan, Editing by Sandra