CALGARY — 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 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.
This report by The Canadian Press was first published August 19, 2022.
The Canadian Press
