The company known as Earl Jones Consulting was declared bankrupt by Quebec Superior Court on Wednesday.

The decision clears the way for a bankruptcy trustee to see how much money is left in the company.

Creditors will likely meet in mid-August when the value of any assets could be divulged.

Jones appeared in a Montreal court on Tuesday afternoon where he was formally charged with four counts each of fraud and theft in connection with four former clients. He was released on $30,000 bail.

The Autorité des marchés financiers, Quebec’s securities regulator, has accused Jones of diverting as much as $50 million in investments belonging to about 50 investors.

The allegations against Jones have not been proved in court.

IE