Wednesday, March 07, 2012
The crook who cheated my friend's mother and many ther seniors, is in jail. It now seems that RBC will settle with the victims for $17 million. Excellent news. The Royal Bank sent out a statement confirming the settlement after the news broke Tuesday morning, but denying it was complicit in the Ponzi scheme that defrauded 150 people of up to $40 million. In a three-paragraph prepared statement issued at 8: 36 a.m., the Royal said: "RBC has closely examined its role in providing Earl Jones with a bank account and is satisfied that it was not negligent. "The proposed settlement amount of $17 million is the result of many months of discussion between RBC and the class-plaintiffs and seeks to address some of the financial difficulties the classplaintiffs faced as a result of entrusting Mr. Jones with their financial affairs."