Calgary judge expected to sentence 2 men major Ponzi scheme
Posted Jul 28, 2015 8:35 am.
Last Updated Jul 28, 2015 8:39 am.
This article is more than 5 years old.
A Calgary judge is expected to sentence two men Tuesday in one of the largest Ponzi schemes in Canadian history.
Gary Sorenson and Milowe Brost were found guilty of fraud and theft in February for an elaborate scheme in which investors were promised unrealistic returns.
Brost was also found guilty of money laundering.
More than 2,400 investors from around the world lost between $100-million to $400-million.
Ponzi schemes involve taking funds from new investors and using them to pay old ones.
The Crown is asking Court of Queen’s Bench Justice Robert Hall to sentence both men to 14 years in prison _ the maximum sentence
allowed.
The defence is asking for something in the eight- to 10-year range and argues both men are likely to die in jail.
(The Canadian Press)
