There was little solace to be taken in the tragic story of Bernie Madoff, the ex-Nasdaq chairman and hedge fund manager who pulled off perhaps the most spectacular swindle in Wall Street history. But at least his victims had the consolation of seeing him denied bail and swiftly sentenced to 150 years in prison.
In this country, clients of Earl Jones have no such comfort. The unlicensed investment manager, now known as the mini-Madoff of Montreal, is accused of running a Ponzi scheme that may have cost about 150 investors in Canada and the U.S. up to $50 million. But in the panicked days after the allegations first surfaced, Canadians got yet another troubling demonstration of the huge gaps in the way this country fights white-collar crime.