01/29/2014 10:12 EST | Updated 03/31/2014 05:59 EDT

Parole in sight for Earl Jones after Quebec court ruling

Quebec Ponzi scheme operator Earl Jones could soon be released from prison, in light of a recent Quebec court ruling.

The Quebec Superior Court ruled earlier this month that a federal government decision that abolishes early parole for white collar crime is unconstitutional.

A similar case is also before the Supreme Court of Canada.

Jones is currently serving an 11-year-sentence after he pleaded guilty to two counts of fraud in 2010.

The self-styled financial adviser bilked 158 clients out of $50.3 million between 1982 and 1999. Many of his former clients were elderly and lost their entire life savings.

Jones waived his right to a parole hearing in June.

According to the Parole Board of Canada, Jones said he had another release plan, although it's not clear what that plan was. 

A new panel review has been scheduled for September 2015.