Calgary man convicted in multimillion dollar Ponzi scheme sentenced to 10 years
Court sketch of Arnold Breitkreutz. (Damien Wood/CTV Calgary)
A Calgary man who bilked his clients out of millions of dollars in a Ponzi scheme has been sentenced to 10 years in prison for what the judge called a deliberate and large-scale fraud.
Arnold Breitkreutz was convicted in June of fraud over five thousand dollars for what the Crown described as a multimillion-dollar scheme in which investors believed they were putting money into safe first mortgages.
Court heard 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 had recommended a sentence of between 10 and 12 years to send a message to others who might try a similar scheme.
Justice Colin Feasby says Breitkreutz's crime violated the trust of many of his clients, who felt a profound sense of betrayal.
He also ordered Breitkreutz to pay $3.1 million in restitution.
This report by The Canadian Press was first published August 19, 2022.
CTVNews.ca Top Stories
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
'I killed four people': Trial hears video evidence of Jeremy Skibicki at Winnipeg trial
“I killed four people,” alleged serial killer Jeremy Skibicki told two homicide detectives during a recorded interview played as evidence in his trial Wednesday.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Edmonton
-
Charges pending after man follows student to school: officials
Three Edmonton Catholic schools were put on alert Wednesday morning because a man followed a student into school.
-
Feds defend carbon capture technology after Capital Power pulls plug on Genesee project
Energy Minister Jonathan Wilkinson says carbon capture technology is not too expensive or ineffective.
-
ATCO subsidiary to build new Alta. pipeline to supply gas to petrochemical project
Canadian Utilities Ltd., a subsidiary of Calgary-based holding company ATCO Ltd., says it plans to build a new natural gas pipeline in Alberta to supply a massive net-zero petrochemical project being built northeast of Edmonton.
Lethbridge
-
Northbound lane closed along Aquitania Blvd in Lethbridge
A lane closure was announced by the City of Lethbridge Wednesday.
-
Lethbridge police seeking public assistance to locate 31-year-old man
Lethbridge police are asking for public assistance to help them locate a man wanted on a number of outstanding warrants.
-
Heavy rain, strong winds cause downed trees, power outages across southern Alberta
As of Tuesday afternoon, between 21 and 31 millimetres of rain had fallen in the Lethbridge region since Monday evening.
Vancouver
-
$110 ICBC rebate coming for eligible drivers, no increase to basic insurance until 2026
Millions of eligible B.C. drivers will receive a rebate before the end of July, ICBC's CEO announced Wednesday.
-
Victoria cyclist accused of spitting into car surrenders to police
Police in Victoria say a cyclist who allegedly spat into the open window of a passing car last month has surrendered at police headquarters.
-
London Drugs president apologizes for cyberattack shutdown as investigation continues
The head of London Drugs is apologizing to customers after all the retailer's stores in Western Canada were shuttered last month by a cybersecurity breach that remains under investigation.
Vancouver Island
-
$110 ICBC rebate coming for eligible drivers, no increase to basic insurance until 2026
Millions of eligible B.C. drivers will receive a rebate before the end of July, ICBC's CEO announced Wednesday.
-
Victoria cyclist accused of spitting into car surrenders to police
Police in Victoria say a cyclist who allegedly spat into the open window of a passing car last month has surrendered at police headquarters.
-
London Drugs president apologizes for cyberattack shutdown as investigation continues
The head of London Drugs is apologizing to customers after all the retailer's stores in Western Canada were shuttered last month by a cybersecurity breach that remains under investigation.
Saskatoon
-
'Written off': Sask. woman says her brother, who has Down syndrome, fell through the cracks
Tara Jo Kadlec has been advocating for better care for her brother Cory for years.
-
Saskatoon court hears 'not guilty' from one of three accused in 2006 homicide
One of three accused in the killing of a Saskatoon man 18 years ago has pleaded not guilty.
-
Blades season ends with heartbreaking game seven overtime loss to Warriors
They call it sudden death overtime for a reason, and game seven of the Western Hockey League’s (WHL) east final between the Saskatoon Blades and Moose Jaw Warriors delivered just that.
Regina
-
Sask. reports over $200,000 worth of ministerial travel in past 6 months, defends need for trade missions
Premier Scott Moe and his team of officials had the largest travel bill for the most recent six month reporting period – earning scorn from the Official Opposition.
-
Sask. teachers now voting on province's 'final offer'
Voting is open for Saskatchewan teachers Wednesday and Thursday as they decide whether or not to accept a contract offer from the provincial government, dubbed their 'final offer.'
-
Sask. police watchdog offers more details surrounding woman's death in Swift Current
The Saskatchewan Serious Incident Response Team (SIRT) has released more details surrounding a woman's death that occurred following an interaction with Swift Current RCMP over the weekend.
Toronto
-
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
-
These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
-
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Montreal
-
Quebec law students offering free consults to people with housing problems
The Quebec Bar's judicial clinic says it will start offering more free housing consultations to people in need ahead of the July 1 moving day.
-
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
-
Quebec government considering banning cell phones in all schools
Quebec’s education minister is now considering banning cell phones everywhere in schools, not just in the classroom, as is currently the case.
Atlantic
-
N.B. Premier Blaine Higgs names new environment minister after last one resigns
New Brunswick Premier Blaine Higgs has named a new minister of environment and climate change nearly three weeks after the previous one resigned from the post over political disagreements.
-
Pilot project for three-wheeled vehicles to start in Nova Scotia soon
A pilot project to test and evaluate the operation of federally-approved three-wheeled vehicles on Nova Scotia roads starts next week.
-
Two P.E.I. people charged with drug trafficking after fentanyl seized from vehicle travelling over Confederation Bridge
Two people from Summerside, P.E.I., have been charged with drug trafficking after police say fentanyl was seized from a vehicle travelling over the Confederation Bridge Tuesday morning.
Winnipeg
-
'I killed four people': Trial hears video evidence of Jeremy Skibicki at Winnipeg trial
“I killed four people,” alleged serial killer Jeremy Skibicki told two homicide detectives during a recorded interview played as evidence in his trial Wednesday.
-
Mother collecting helmets for Manitoba First Nations to honour daughter’s legacy
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
-
Grab your gear: Camping season set to kick off in Manitoba
Get your gear ready – camping season has officially arrived in Manitoba.
Ottawa
-
Attempted murder charges laid in Overbrook apartment fire
The Ottawa Police Service has laid charges against an Ottawa man, including for attempted murder, in connection with an alleged arson of an Overbrook apartment building last week.
-
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
-
'It's a job that I love': Travis Green named new head coach of the Ottawa Senators
Travis Green, 53, is the new head coach of the Ottawa Senators.
Northern Ontario
-
Seven northern Ont. men busted in huge online child exploitation investigation
A province-wide child sexual abuse investigation by Ontario Provincial Police dubbed Project Aquatic has resulted in hundreds of charges, including seven male suspects from northern Ontario.
-
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
-
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Barrie
-
Crown seeks 6 years jail time for Barrie woman guilty of impaired driving causing bodily harm
An emotional Cassie Korzenko walked into the Barrie Courthouse Wednesday morning with family members by her side ahead of a sentencing hearing.
-
Young driver accused of speeding 140km/h in posted 60 charged with stunt driving
A young driver faces a stunt driving charge for allegedly speeding 80 kilometres over the posted limit in North Simcoe.
-
Casino Rama sets the stage for rock nostalgia with new concerts
Casino Rama Resort is amping up its 2024 entertainment lineup with three new rock performances, promising fans a nostalgic journey.
Kitchener
-
64 people charged in Ontario child exploitation investigations
Ontario Provincial Police say 64 people have been arrested and a combined 348 charges have been laid in connection with a series of child exploitation investigations that spanned across the province.
-
OPP report fatal crash in Seaforth
It happened on Sparling Street in Seaforth. The road is closed between Market Street and John Street.
-
Nuggets’ Jamal Murray fined $100K for throwing objects onto court during loss
Denver Nuggets guard Jamal Murray is facing a hefty fine, but avoided suspension, after the NBA said he threw objects onto the court.
London
-
Dozens of suspects, including two from London, charged in sexual abuse investigations in Ontario
Ontario Provincial Police say they have laid hundreds of charges against 64 people, including two from London, in a series of investigations into child sexual abuse.
-
OPP report fatal crash in Seaforth
It happened on Sparling Street in Seaforth. The road is closed between Market Street and John Street.
-
'Something Londoners should be very proud of': Airshow London named best air show in North America
When it comes to air shows in North America, the Forest City is the top of its class, according to the results of a recent contest.
Windsor
-
Death deemed not suspicious after body found near Tecumseh Mall
Windsor police say the death was not suspicious after a body was found near an east Windsor mall.
-
Shirtless man caught on camera stealing items during home break-in
Windsor police are asking for the public’s help after a shirtless man was caught on a security camera allegedly breaking into a downtown home and stealing several items.
-
'Serious puncture injuries' after assault in Wallaceburg: Police
A Wallaceburg woman is charged after police were called for a weapons investigation on Tuesday. Around 3:05 p.m. officers responded to Reaume Avenue in Wallaceburg where they found a woman with "serious puncture injuries."
