Crown calls for sentence of up to 12 years for Calgary man convicted in multi-million dollar fraud case

The Crown is asking that a Calgary man who bilked clients out of millions of dollars in a Ponzi scheme be sentenced between 10 and 12 years in prison.

Arnold Breitkreutz was convicted June 29 of fraud in 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. Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines.

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