Calgary man convicted in multimillion dollar Ponzi scheme sentenced to 10 years
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
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
BREAKING McGill University seeks emergency injunction to remove pro-Palestinian encampment from campus
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Friday that Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
More than half the Canadians once detained in Syrian camps for suspected ISIS family members have returned home
A total of 29 Canadians have been freed from detention camps in northeast Syria and brought back to Canada since human rights advocates began lobbying for their release years ago.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.