MONTREAL - Victims of one of Canada's biggest Ponzi schemes will get $17 million in reimbursement cheques in time for Christmas, their representative says.
The payout closes a decades-long saga that saw self-styled financier Earl Jones bilk 158 people of up to $35 million.
Victims settled out of court last year with RBC after claiming the bank failed to stop Jones from emptying bank accounts over a 25-year period through one of its branches.
"Those receiving cheques this holiday season can expect about 45 cents on the dollar for their losses," said Kevin Curran, whose heads the Earl Jones Victims Organizing Committee.
"From the onset of this affair, my goal has been to provide these people with some degree of peace and closure. I am hopeful the holiday disbursement will provide both, and we can all face a brighter 2014."