Calgary man convicted in multimillion-dollar Ponzi scheme to be sentenced
CBC
A Calgary man who bilked his clients out of millions of dollars in a Ponzi scheme is scheduled to be sentenced today.
Arnold Breitkreutz was convicted in June of fraud over $5,000 for what the Crown described as a multimillion-dollar scheme in which investors believed they were putting money into safe first mortgages.
Court heard that the money from his company, Base Financial, was instead loaned to an oil-and-gas promoter and used in a risky oil play in Texas that secured against oil-and-gas leases and equipment.
The Crown is recommending a sentence of between 10 and 12 years to send a message to others who might try a similar scheme.
The defence says a sentence of five to eight years would be more reasonable.
The 74-year-old, who offered an apology to his clients this week, has been in custody since he was found guilty on June 29.
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