03/20/2014 14:16 EDT | Updated 05/20/2014 05:59 EDT

Earl Jones, Quebec Ponzi scheme operator, gets out of jail

Earl Jones, a Quebec Ponzi scheme operator who bilked $51.3 million from clients between 1982 and 1999, will be released from prison today after serving only four years of his 11-year sentence.

Jones pleaded guilty to two counts of fraud in January 2010 and was sentenced the following month.

He spent four years at the Ste-Anne-des-Plaines federal detention centre.

The conditions of his release include:

- No direct or indirect contact with the victims or any member of the victims' families.

- Not to be in a position of responsibility, paid or unpaid, for the management of finances or investments for any other individual, charity, business or institution.

- Provide documented financial information to the satisfaction of his parole supervisor.

Jones targeted senior citizens on the West Island, promising to get them big returns if they invested with him. Many lost their life savings.

More than 150 of his victims reached a $17-million out-of-court settlement with the Royal Bank of Canada in March 2012. They received their cheques in December 2013.

The plaintiffs said the West Island RBC branch could have done more to stop Jones, who regularly deposited cheques with double endorsements and forged signatures.