Crown seeks 10 to 12 years for Calgary man convicted in Ponzi scheme

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Sentencing submissions were delivered in court today for Arnold Breitkreutz, the man convicted in one of Alberta's 'worst frauds.' yyc yeg

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with fraud over $5,000 and theft over $5,000 in connection with the activities of a company called Base Finance Ltd.

Prosecutors are also asking for him to pay $3.1 million in restitution and request he has a lifetime ban from trading in financial matters under section 380 of the Criminal Code.Way was sentenced to three years in prison last year but victims tell CTV News she is now out on parole.According to an ASC decision released in February 2019, the agency said "there was little evidence" to support the fact that Breitkreutz and Way were operating a "legitimate mortgage-lending business.

"Base Finance's operating bank account was subject to a freeze order in September 2015 and a receiver was appointed over Base Finance and Base Mortgage in October 2015. According to the Receiver, Base Finance had, since August 2004, raised approximately $137 million from hundreds of investors, who were collectively owed more than $122 million at the time of Base Finance's receivership.

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