Financial adviser Earl Jones to be freed today after time in prison for fraud

MONTREAL – Financial adviser Earl Jones is being released from prison today after serving one-third of his 11-year sentence for orchestrating a massive fraud scheme.

Joey Davis, whose mother was bilked of $200,000, says a Corrections Canada official called him to say Jones would be released this afternoon.

Jones pleaded guilty to running a pyramid scheme that started in 1982 and targeted more than 1,500 victims, including several close friends and relatives.

The $50-million scam cost many people their entire life savings.

Davis says he was informed that Jones qualified for an accelerated release plan.

Jones was eligible to apply for parole after serving one-sixth of his sentence and has actually spent more than four years behind bars.

A judge handed down the 11-year-sentence in February 2010.

Davis said both he and his mother were surprised to learn that Jones would be released in the Montreal area, but notes he still has to report to a parole officer once a week.