A Calgary man and woman are facing charges in a multi-million dollar fraud investigation.
On Thursday, the RCMP’s Calgary Serious and Organized Crime Financial Integrity Unit arrested and charged 70-year-old Arnold Breitkreutz and 67-year-old Susan Way with fraud.
The charges relate to activities between May 2014 and September 2015 in the operations of Base Finance Ltd., a corporation allegedly controlled by the duo.
“This has been an extremely complex investigation involving substantial resources, interviews and time,” explained Sgt. Doug Johnston with the RCMP.
RCMP allege that they raised over $27 million in those years, but used it contrary to what investors were told, which was that the funds would be used for mortgage lending.
Instead, authorities said investor funds were often used to pay out other investors, leading to an estimated total loss for investors is in the millions.
They will be in court on Monday.