Disgraced financial adviser Earl Jones used $12.3 million from his company's account to support a lavish lifestyle that included homes and cars, a report from an interim receiver revealed Tuesday.

Accounting firm RSM Richter said Jones took payments worth about $4.3 million for himself and his wife, according to records dating back to 1987.

Accountants released the report to more than 100 investors who attended a meeting at a suburban Montreal hotel.

The report also shows Jones took:

  • $912,000 for real estate
  • $593,000 for his children's education
  • $530,000 for credit card payments
  • $497,000 in cash transfers to Bermuda
  • $170,000 for cars

It also appears that Jones cashed in his RRSPs, an insurance policy and other investments earlier this year.

Investors accuse Jones of bilking them out of between $30 million and $50 million. His company, Earl Jones Consultant and Administration Corp., declared bankruptcy last month. A personal bankruptcy hearing is scheduled for Wednesday.

After spending three weeks in hiding, Jones was arrested late last month and charged with four counts each of fraud and theft. He was freed on $30,000 bail. His next court appearance is September 28.

According to the auditor, the report is only based on a partial review of Jones' finances, meaning the sum total of stolen funds could go much higher.

"These numbers only go back as far as 1987, and many of these documents are still missing," CTV Montreal's Rob Lurie reported on Tuesday. "So it is difficult to trace the entire money trail at this time."

Bankruptcy trustee Gilles Robillard also revealed Tuesday that bank records from 2000 to 2008 are missing.

"At this point the only money we recouped was in the corporate bank account, and that amounts to about $15,000," Robillard told reporters. "There's a lot of banks that have not gotten back to us yet with any information, so that amount may change as we get responses."

Accountants have contacted 50 banks about their business dealings with Jones, including institutions in Canada, the United States, Bermuda, Britain, Switzerland and the Cayman Islands.

With files from The Canadian Press