Financial adviser Earl Jones is escorted out of the Montreal courthouse after being granted bail Tuesday. (Graham Hughes/Canadian Press)

Montreal investment adviser Earl Jones was granted bail Tuesday after being formally charged with four counts each of fraud and theft in connection with four former clients.

The Crown did not object to his release as long as Jones turned in his passport, was ordered not to leave the province and deposited $30,000 with the court.

Defence lawyer Jeffrey Boro received the court's permission to have another man, Raymond Meikle, make the deposit on Jones's behalf.

Outside the Montreal courtroom, Boro said Jones's first night in prison was a bit of a harrowing experience.

Boro added that he expects more charges to follow the eight that have already been filed.

He knows there are a lot of desperate and unhappy people out there, Boro said, which is why he asked the court to keep Jones's address confidential.

Jones is due back in court in a month, at which time he's expected to formally enter a plea of not guilty.

Quebec's securities regulator alleges Jones swindled at least 50 investors out of at least $30 million in a possible Ponzi scheme.

'He was not very happy'

Jones, 67, turned himself in to provincial police Monday after disappearing for about three weeks. He was arrested at his lawyer's Montreal office.

"He was not very happy; nobody would be under the circumstances," Boro said, "and he was meeting this day with great trepidation."

The allegations against Jones have not been proven in court.

Montreal resident Cherie Beluse told CBC News her mother lost hundreds of thousands of dollars while investing with Jones and doesn't hold out much hope that investors will see their money again.

If Jones's company is declared bankrupt, creditors would likely meet in mid-August when the value of any assets would be divulged.

With files from The Canadian Press