Arnold Breitkreutz was convicted June 29 of fraud what the Crown described as a multi-million-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. Crown attorney Shelley Smith says Breitkreutz was in a position of trust and defrauded scores of people of up to $21 million in a 17-month period beginning in May 2014.The court received 29 victim impact statements.Share this article in your social network
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