Earl Jones †Scams and Fraud Essay

Earl Jones was born in Montreal on June 24, 1963. He started to execute at Montreal TRUST for over 16 old age he worked 8-10 opposite positions including investment management, estates, trust administration, pass on planning and manager of the mortgage department. In 1970 Jones left the company to start his own business, he began holding courses on taking care of finances. He then launched a company he called Earl Jones Consultant and Administration Corporation, an administrative and financial advising (Gazette, 2010). He began to make withdrawals from his brim account, into which he deposited his clients money. Earl Jones is a White Collar evil which is genus Phalluss of the rich and powerful who used their positions for personal gain ignoring the law and the consequences for others. He surmised that white- intoxicate criminals damaged the social relations between citizens and their government, clients and professionals and consumers and corporations (Sutherland, 1940). Earl Jones grew up in a family whom barley made it by with money, this contributed to his personality later in life. Earl Jones felt the need to fulfill his desires of better schools for their children, keeping up the sort of greater wealth than he was able to afford as a status symbol (Sutherland, 1940).Earl Jones purpose works by simply gainful old investors the funds collected with new investors. The fraud can precisely continue just as long as there was a continued flow of new investors. Jones had made a promise to his clients that they will achieve an above normal rate of regaining. (M cancelledatt, 2012). In 2005 Jones set up nine mortgages valued nearly two million dollars he convinced(p) many of his clients to re-mortgage their homes. In 2008 he switched to, a commercial account, he mute continued to print in trust on cheques he was using with clients.Earl Jones had claimed to be a financial advisor. All the payments he had made showed as an administrative expensive. Jone s convinced clients that he would invest their funds to generate juicy returns with little or no risk. Earl Jones seemed like a very brotherly and trustworthy guy. Investors considered him to be a part of the family, most calling him Uncle Jones. Jones targeted his family and his speedy circle of friends, then he started to convince widows with a paid off house to take out a new mortgage so he could invest the loan and get a higher return (Maclellan, 2009).Many people have been hurt in Earl Jones abstract patently the initial victims lost their money and were very angry. His family lost the most in this scheme. His wife and daughters experienced many emotions from anger to losing all hope to low and disappointment. His family knew him as a loving husband, devoted father, and a respected member of the community. When his wife and daughters had figured out what he was really about, they stated him as a man we can scarcely believe exists (CBCNEWS, 2009). Jones had left his family with home in financial means to face the future his family now of necessity to break down members of local charities, to have basic needs such as feed and medication, they also need to worry about finding places to sleep.Earl Jones was sentenced to eleven years in prison. He has pleaded guilty to scamming 158 clients of $50 million dollars in the scheme he had operated for over more than two decades. The penalisation does not equate his crime, he had ruined several peoples lives, not but robbing them of their money, but he took their freedom and self-esteem (The Gazette, 2010). In comparison to the punishment given to American Ponzi scheme Bernard Madoff who was sentenced 150 years in tuck in which is the maximum sentence allowed, Bernard pleaded guilty of 11 felony counts including security fraud, money make clean and perjury. Bernard has scammed clients of $65 billion dollars (New York Times, 2013). Jones sentence does not seem appropriate comprehend as he has stolen $50 million dollars from his clients and would have continued this scheme if he was not caught.According to Theories and History of enterprise/white collar crimes the theory Rational Choice Need is appropriate for Earl Jones conduct because slightly individuals are driven by psychological or financial needs to commit crime. Executives may tint the need to keep up the behavior of greater wealth than they are able to afford as a status symbol, or to stroke their egos. Blue collar workers may feel the need to take things to augment their incomes to keep pace with inflation (Sutherland, 1940). Earl Jones grew up in a family that could barely get by, making him become a needy person in the future, always wanting more. Earl Jones had stolen millions of dollars from his loved ones and his reason out friends, this proves that he would do anything for money and always wanted to be looked at as a rich person whom always kept up his appearance and style.ReferencesThe Gazette. (2010). Earl Jo nes Scandal. Retrieved from http//www.montrealgazette.com/ word of honor/earl-jones/index.htmlSutherland, E. (1940). White Collar Criminality. Handout presented at SOCS10261G, Sheridan College, Oakville.Moffatt, M. (2012). Ponzi Scheme. Retrieved from http//economics.about.com/od/financialmarkets/f/ponzi_scheme.htmMacelellan, N. (2009). Earl Jones A Canadian Ponzi. Retrieved from http//beforeyouinvest.ca/2009/07/earl-jones-canadian-ponzi/CBCNEWS. (2009) Ponzi Scheme Suspects Family express Grief, Shame. Retrieved from http//www.cbc.ca/news/canada/montreal/story/2009/07/20/earl-jones-family-statement.htmlThe New York Times. (2013). Bernard L. Madoff. Retrieved from http//topics.nytimes.com/top/reference/timestopics/people/m/bernard_l_madoff/index.html