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.
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.
CTVNews.ca Top Stories
Federal dental insurance program to be phased in over 2024, benefits to start in May
The new federal dental insurance plan will be phased in gradually over 2024, with the first claims likely to be processed in May, government officials said ahead of a formal announcement scheduled for Monday morning.
'We're trying not to break down': Sask. family desperate to find their loved one last seen in Toronto
The family of 39-year-old Lesley Sparvier has been trying to find and locate her after she left home on foot in Kahkewistahaw First Nation, Sask. on Nov. 28.
Buckingham Palace releases this year’s Christmas card
Buckingham Palace released an image of the Christmas card that King Charles III and Queen Camilla will be sending out this year.
Iowa man arrested in the death of a Nebraska Catholic priest
A man has been arrested in the stabbing death of a Catholic priest who was attacked over the weekend in a church rectory in a small Nebraska community, authorities said.
The Université de Moncton will not be getting a new name
The board of New Brunswick's Universite de Moncton has decided not to change the school's name despite concerns about its connection to a problematic historical figure.
Trump says he won't testify Monday at his New York fraud trial and sees no need to appear again
Donald Trump said Sunday he has decided against testifying for a second time at his New York civil fraud trial, posting on social media that he "VERY SUCCESSFULLY & CONCLUSIVELY" testified last month and saw no need to appear again.
Saskatchewan is a safe space to buy 'sustainable oil,' Scott Moe says
Saskatchewan Premier Scott Moe is working hard to use a global climate change conference as an opportunity to market the province’s non-renewable resources.
LCBO reveals what Ontarians drank the most this year
When it came to what Ontarians brought home during their liquor runs at the LCBO, the company said customers went for options that gave them more bang for their buck.
Al Gore calls UAE hosting COP28 'ridiculous,' slams oil CEO appointed to lead climate talks
Climate advocate and former Vice President Al Gore on Sunday called into question the decision to hold the COP28 climate talks in the United Arab Emirates, a leading producer of the world’s oil.
Edmonton
-
Family of woman killed by police says her death was "unnecessary"
Saturday, the woman's parents said their daughter's death was the result of "a complete mishandling of the tools available to law enforcement in the application of dealing with mental health issues."
-
Local rescue calls need for homes 'critical'
The Second Chance Animal Rescue Society says it's caring for an unprecedented number of animals.
-
Federal dental insurance program to be phased in over 2024, benefits to start in May
The new federal dental insurance plan will be phased in gradually over 2024, with the first claims likely to be processed in May, government officials said ahead of a formal announcement scheduled for Monday morning.
Vancouver
-
'I feel like they dropped the ball and rolled the dice with my life': B.C. woman says cancer spread after lengthy wait for chemo
A Vancouver Island woman who says her cancer spread while she waited month after month for chemotherapy is calling on the province to do better for patients like herself.
-
Watch: Dressed up dogs take over Metro Vancouver boardwalk
The rain didn’t stop dozens of dolled up dogs and their humans from parading down a Richmond boardwalk in their festive best on Sunday.
-
Pedestrian struck in New Westminster
Police in New Westminster were investigating a car crash involving a pedestrian on Sunday afternoon.
Atlantic
-
'I’ve never seen anything like this': Homeless farm community almost ready
At the end of a long country driveway a new beginning awaits for 21 individuals who need a fresh start in life.
-
Moncton health care clinic still looking for a new home
A clinic that provides primary health care services to Moncton’s vulnerable population is still looking for a permanent home.
-
Glace Bay 50/50 jackpot a big draw, even in tough financial times
Like elves in Santa's workshop, volunteers were busy collecting money, and ticket stubs, for Glace Bay Minor Hockey’s 50/50 draw on Sunday for what could be the biggest draw yet.
Vancouver Island
-
'I feel like they dropped the ball and rolled the dice with my life': B.C. woman says cancer spread after lengthy wait for chemo
A Vancouver Island woman who says her cancer spread while she waited month after month for chemotherapy is calling on the province to do better for patients like herself.
-
B.C. announces new three-year action plan to address gender-based violence
British Columbia has announced a new three-year action plan that it says aims to end stigma around gender-based violence and ensure access to supports.
-
'He chose me as much as I chose him': Dog found tied to Burnaby shelter gate adopted
A dog named Norman that was abandoned outside a BC SPCA shelter in October has found a forever home.
Toronto
-
LCBO reveals what Ontarians drank the most this year
When it came to what Ontarians brought home during their liquor runs at the LCBO, the company said customers went for options that gave them more bang for their buck.
-
Rolling road closures, one person arrested at demonstration in Toronto
Police said one person was arrested for assaulting a police officer in the midst of a pro-Palestinian demonstration that started outside the U.S. Consulate in Toronto.
-
Suspects sought following shooting in midtown Toronto
Police are searching for suspects following a shooting in the area of Shaw Street and Wychcrest Avenue in midtown Toronto.
Montreal
-
West Island clients seek refund from snow plow company that didn't show up
Dozens of families in the West Island are demanding their money back because the man they paid to do their snow removal never showed up to clear their driveways after the first snowstorm of the season.
-
Quebec's public sector negotiations grind on as unions criticize lack of urgency
While Quebec Premier Francois Legault is calling for 'flexibility' on working conditions in the public sector, unions are denouncing the government's lack of urgency to reach an agreement.
-
Expect lots of rain in the Montreal area Sunday and Monday
Montreal, Laval and the South Shore can expect 10 – 20 millimetres of rain and about five centimetres of snow Sunday into Monday.
Ottawa
-
Laying wreaths to remember the fallen
It was a sombre morning for Debbie Warren as she joined dozens at Beechwood Cemetery to remember Canada's fallen soldiers and veterans.
-
Flu season expected to peak over the holidays, but there's still time to get a vaccine
The flu season is underway and it is expected to peak over the holidays. Ontario's top doctor is warning people to get vaccinated before the holidays, as it takes up to two weeks for immunity from the shot to build.
-
Police search for white Audi sedan that left Queensway crash scene
Ontario Provincial Police are asking for the public's help in locating a driver who is accused of driving away from the scene of a crash on the Queensway.
Kitchener
-
Ukrainian newcomers struggle to find a home in Waterloo Region
Newcomers from Ukraine are having a hard time finding a new place to call home amid the ongoing housing crisis in Ontario.
-
Search for Smithers: Owner says missing parrot is 'very loved and very much missed'
A Cambridge woman is making a desperate plea for help in the search for her missing parrot who goes by the name Smithers.
-
Police release new photos after multiple shots fired into Kitchener crowd
Police are investigating a shooting in a Kitchener neighbourhood that sent one person to hospital.
Saskatoon
-
Saskatchewan is a safe space to buy 'sustainable oil,' Scott Moe says
Saskatchewan Premier Scott Moe is working hard to use a global climate change conference as an opportunity to market the province’s non-renewable resources.
-
Saskatoon man in custody following domestic violence assault, collision with police cruiser
A Saskatoon man is in custody following a domestic violence assault and collision with a police cruiser in the early hours of Saturday.
-
Saskatchewan Rush fall in home opener against Knighthawks
The Saskatchewan Rush battled long and hard in their 2023 home opener. Unfortunately, it just wasn’t enough to come out on top against the Rochester Knighthawks.
Northern Ontario
-
Provincial police launch sudden death investigation in Mississauga First Nation
Ontario Provincial Police (OPP) are investigating what they are calling a “sudden death” at a residence on Eli Street in the community of Mississauga First Nation, north of Blind River.
-
Indigenous services minister to table First Nations water bill as early as Monday
Indigenous Services Minister Patty Hajdu is expected to table much-anticipated legislation to improve water quality in First Nations communities as early as Monday.
-
Commercial vehicle driver from Quebec driving impaired on Hwy. 11, police say
A 65-year-old driver from L'Île-Cadieux, Que. is facing multiple charges following an incident on Highway 11 Wednesday evening.
Winnipeg
-
Pro-Palestinian demonstrators march on Canadian Museum for Human Rights
Dozens of pro-Palestinian protesters stormed the Canadian Museum for Human Rights Sunday morning to bring attention to the human rights crisis in Gaza during the ongoing Israel-Hamas war.
-
Winnipeg Ghostbusters celebrate record-breaking fundraising year for Children's Hospital
A fandom-fueled charity cosplay group is celebrating a landmark year of fundraising thanks to the generosity of Winnipeggers.
-
'Don't' wrap the gift': Holiday travel tips from industry officials
As we enter the busiest travel time of the year, industry officials are warning you to be extra prepared when travelling this holiday season, and don't wrap your presents until you get where you're going.
Regina
-
'Net zero is no longer the goal': Sask. premier believes fed's 'true intentions' revealed in COP28 announcement
Premier Scott Moe believes the federal government revealed its intentions for the resource industry at the COP28 climate change conference.
-
'We're trying not to break down': Sask. family desperate to find their loved one last seen in Toronto
The family of 39-year-old Lesley Sparvier has been trying to find and locate her after she left home on foot in Kahkewistahaw First Nation, Sask. on Nov. 28.
-
Saskatchewan Rush fall in home opener against Knighthawks
The Saskatchewan Rush battled long and hard in their 2023 home opener. Unfortunately, it just wasn’t enough to come out on top against the Rochester Knighthawks.
