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
Inflation is down, wages are up. Why are Canadians still frustrated with the economy?
The federal finance minister has been taking every opportunity to remind frustrated Canadians that after a bumpy pandemic recovery, the nation's economy is actually doing a lot better.
'It looks quite real': Two Ontarians lose money to fake phone scam
About 85 per cent of Canadians have a smartphone and once you have one they’re hard to live without. The latest smartphones can cost as much as $2,000, so if you’re trying to save money, make sure you don’t get caught in a fake smartphone scam.
America reaches Election Day and a stark choice between Trump and Harris
A presidential campaign marked by upheaval and rancor approached its finale on Election Day as Americans decided whether to send Donald Trump back to the White House or elevate Kamala Harris to the Oval Office.
New homeowners find skeleton in attic 15 years after previous occupant disappeared
Homeowners in France have discovered a skeleton in the attic of an outbuilding while undertaking renovation work.
B.C. ports shuttered as lockout takes hold in latest labour dispute
One of Canada's most vital trade arteries is cut off as employers at most of British Columbia's ports lock out their workers in a dispute involving about 700 unionized foremen.
Harris and Trump tie in Dixville Notch midnight vote to kick off Election Day
U.S. Vice President Kamala Harris and former U.S. president Donald Trump have tied with three votes each in the tiny New Hampshire township of Dixville Notch, kicking off Election Day in one of the first places in the country to report its presidential preference.
Months after VRBO booking, Taylor Swift fan told home 'not available' during Vancouver concert
A frustrated Taylor Swift fan is speaking out after being pushed from a short-term rental she booked for the upcoming Vancouver leg of the superstar’s Eras Tour.
Dutch police arrest a suspect in a botched art heist of Andy Warhol screenprints
Police arrested a 23-year-old man Tuesday on suspicion of involvement in a botched art heist at a gallery in the southern Netherlands targeting four valuable Andy Warhol screenprints.
Trudeau and Harris? Poilievre and Trump? Here's who Canadians think would work best with: survey
As Americans prepare to elect their next president on Tuesday, new data from the Angus Reid Institute suggests Canadians hold differing views as to which federal party leaders would be best suited to deal with either Donald Trump or Kamala Harris.
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
-
'Incredible' Allen makes 31 saves to help Devils blank Oilers 3-0
After going without a shutout for just the second time in his career last season, Jake Allen already has two for the New Jersey Devils in just five starts this year.
-
Oil, gas companies told to cut emissions by one-third under planned cap
Oil and gas producers in Canada will be required to cut greenhouse gas emissions by about one-third over the next eight years under new regulations being published today by Environment Minister Steven Guilbeault.
-
'You could feel the heat': Witnesses recount another suspicious fire that destroyed building under construction
Two people living in King Edward Park are sharing what they saw when a suspicious fire destroyed a building under construction over the weekend.
Lethbridge
-
Lethbridge small businesses gearing up for Christmas shopping season
The calendar may have just flipped to November, but Christmas is already on many people's minds.
-
Mining company makes extra push by lobbying for coal mine in Crowsnest Pass
Crowsnest Pass Mayor Blair Painter said a vote later this month is looking to hear from residents to determine if they want to see the coal industry come back to the region.
-
Hurricanes fall short in Red Deer, losing to Rebels 5-4
The Hurricanes weathered an early storm Saturday but eventually fell, losing 5-4 to the Rebels in a game played in Red Deer.
Vancouver
-
B.C. ports shuttered as lockout takes hold in latest labour dispute
One of Canada's most vital trade arteries is cut off as employers at most of British Columbia's ports lock out their workers in a dispute involving about 700 unionized foremen.
-
Rustad seeks review as Elections BC says box of 861 votes went uncounted
British Columbia's election agency says it has discovered that a ballot box containing 861 votes wasn't counted in the recent provincial election, as well as other mistakes, including 14 votes going unreported in a crucial riding narrowly won by the NDP.
-
America reaches Election Day and a stark choice between Trump and Harris
A presidential campaign marked by upheaval and rancor approached its finale on Election Day as Americans decided whether to send Donald Trump back to the White House or elevate Kamala Harris to the Oval Office.
Vancouver Island
-
B.C. ports shuttered as lockout takes hold in latest labour dispute
One of Canada's most vital trade arteries is cut off as employers at most of British Columbia's ports lock out their workers in a dispute involving about 700 unionized foremen.
-
Rustad seeks review as Elections BC says box of 861 votes went uncounted
British Columbia's election agency says it has discovered that a ballot box containing 861 votes wasn't counted in the recent provincial election, as well as other mistakes, including 14 votes going unreported in a crucial riding narrowly won by the NDP.
-
Impacts of stormy U.S. election forecast in B.C.
Across the choppy sea from Victoria Monday, the end of a turbulent U.S. election campaign was mere hours away and many British Columbians were watching intently to see who becomes the next president.
Saskatoon
-
Angose 'Goose' Standingwater's last moments alive detailed at sentencing for fatal stabbing
New details of a 2023 fatal stabbing — where the victim walked into Boston Pizza to get help — emerged at Saskatoon Provincial Court, during a sentencing hearing on Monday.
-
'It gets kind of gross': Residents in downtown building left frustrated without water
Residents of an apartment in downtown Saskatoon were left without water this weekend.
-
Fake bus passes are being sold in Saskatoon, city’s transit service says
Saskatoon Transit wants riders to know about a fraudulent social media account selling fake fare passes.
Regina
-
Inflation is down, wages are up. Why are Canadians still frustrated with the economy?
The federal finance minister has been taking every opportunity to remind frustrated Canadians that after a bumpy pandemic recovery, the nation's economy is actually doing a lot better.
-
Meet Regina mayoral candidate: Lori Bresciani
The only candidate with experience on city council, with the exception of the incumbent, Lori Bresciani is promising to prioritize fiscal responsibility, community engagement and safety if she is elected to serve as Regina's next mayor.
-
Meet Regina mayoral candidate: Chad Bachynski
A resident of Regina for over 25 years, Chad Bachynski is running for the city's highest office with the promise to bring a technical and calculated approach to city council.
Toronto
-
'It looks quite real': Two Ontarians lose money to fake phone scam
About 85 per cent of Canadians have a smartphone and once you have one they’re hard to live without. The latest smartphones can cost as much as $2,000, so if you’re trying to save money, make sure you don’t get caught in a fake smartphone scam.
-
Crash on Hwy. 400 north of Toronto leaves 2 people injured
Two people have been transported to hospital, including one with life-threatening injuries, after a three-vehicle crash on Highway 400 in Vaughan late Monday night.
-
Where to follow the U.S. election results on CTVNews.ca
On U.S. election day, CTVNews.ca will feature live results on an interactive map and a live blog that will be updated throughout the evening starting at 5 p.m. ET by CTV News journalists and Washington political analyst Eric Ham.
Montreal
-
Hydro-Québec to expand its transmission lines
Hydro-Québec announced the launch of the first phase of development and reinforcement work on its power transmission network – the high-voltage lines that carry large quantities of electricity from where it is generated to the substations that redistribute it to clients.
-
11-year-old child dead after being hit by truck in Mile-End
A child around 10-years-old was severely injured after being struck by a truck in Montreal's Plateau-Mont-Royal borough.
-
Montreal teen missing for 2 weeks
Montreal police are looking for a 14-year-old girl who's been missing for two weeks.
Atlantic
-
Rare November tornadoes touch down in two New Brunswick communities
A research team has confirmed a pair of tornadoes touched down in central New Brunswick last week.
-
RCMP investigating 'sudden deaths' of two people in Cole Harbour, N.S.
The RCMP says it is investigating the sudden deaths of two people in Cole Harbour, N.S.
-
Coroner's inquest underway following 2022 death of N.B. girl
Details and recommendations surrounding the 2022 death of a 13-year-old New Brunswick girl are expected to come to light over a three-day coroner’s inquest this week.
Winnipeg
-
Multi-vehicle crash closes section of Perimeter Highway
A section of the Perimeter Highway is closed to traffic on Tuesday morning due to a multi-vehicle crash.
-
'It’s a sad day': Last call for the Cambridge Hotel on Pembina as it's set to close
It’s the last call at the Cambridge Hotel. The 86-year-old hotel on Pembina Highway is set to close its doors Tuesday.
-
Toddler at centre of Manitoba homicide investigation taken away from caregiver at nine months old
Natalie Anderson remembers the last time she saw nine-month old Xavia Butler in person.
Ottawa
-
Three single-family homes damaged by overnight fire in Orleans
Ottawa firefighters were called in the early hours of the morning to a fire that caused serious damage to three single-family homes in Orléans.
-
Where you can watch the U.S. election results in Ottawa
On Tuesday, several pubs and bars across Ottawa will be offering a place to gather and watch the much-anticipated results of the U.S. election that will see either Donald Trump or Kamala Harris be elected president.
-
Barrhaven residents to hold second rally Tuesday to oppose 'sprung structures' for asylum seekers
Another rally is planned for Tuesday as residents push back on a city proposal to build a tentlike structure to house asylum seekers.
Northern Ontario
-
Man serving time for manslaughter wanted on Canada-wide warrant, has ties to Thunder Bay
Police are looking for a man who is currently serving time for manslaughter for a fatal stabbing in Thunder Bay and is now accused of breaching his statutory release.
-
'It looks quite real': Two Ontarians lose money to fake phone scam
About 85 per cent of Canadians have a smartphone and once you have one they’re hard to live without. The latest smartphones can cost as much as $2,000, so if you’re trying to save money, make sure you don’t get caught in a fake smartphone scam.
-
She was diagnosed with Type 2 diabetes about a year ago. Here's how her condition was reversed
A year ago, Lorraine O'Quinn was coping with stress, chronic illness and Type 2 diabetes. Then she discovered a health program that she says changed her life.
Barrie
-
Pedestrian hit by train in Craighurst
Police have closed Hwy 400 northbound and southbound ramps after a pedestrian was struck by a train nearby.
-
Barrie woman struck by vehicle while crossing street speaks out with message to drivers
A mother who was struck by a pickup truck while crossing the street in south Barrie last week is lucky to be alive and thankful to those who came to her aid.
-
Stolen courier slip leads to $7K in fraud
Police are asking for the public's help in identifying a woman they believe may have perpetrated a fraud.
Kitchener
-
Pair of Waterloo schools closed due to power outage
Two schools are closed for the day due to an outage caused by an early morning single motor vehicle collision in the Weber Street North and Albert Street area.
-
Waterloo road closed for collision investigation
Emergency services responded to the area of Weber Street North and Schaefer Street in Waterloo around 6:30 a.m. Tuesday for a report of a collision.
-
'Be ready for both': Canadians prepare for any outcome as Americans head to the polls
Millions of Americans are heading to the polls Tuesday as a chaotic presidential campaign reaches its peak in a deeply divided United States, where voters in only a handful of battleground states will choose the country’s path forward.
London
-
Where to follow the U.S. election results on CTVNews.ca
On U.S. election day, CTVNews.ca will feature live results on an interactive map and a live blog that will be updated throughout the evening starting at 5 p.m. ET by CTV News journalists and Washington political analyst Eric Ham.
-
Late-night crash causes multiple road closures in Ingersoll
There is no word yet on how the crash happened, how many vehicles were involved, or if any charges will be laid. An updated is expected some time on Tuesday.
-
Prison sentences handed down for sexually abusive London, Ont. parents
In handing down the sentences for two London parents, Justice Thomas Heeney told the court, "The facts of this case were the most egregious that I have encountered during my 26 years on the bench."
Windsor
-
City of Windsor takes legal action against feds over costs from bridge blockade
They City of Windsor is taking legal action against the federal government.
-
Health care partners combining efforts to tackle increased hospital volumes
Windsor-Essex health care partners are working together in anticipation of increased hospital volumes heading into the winter.
-
Public board trustees asked to stand up for students
The Greater Essex County District School Board (GECDSB) is asking trustees to vote on a multi-year financial recovery plan to help make up a $6.3-million deficit.
