Crown Attorney ,asked for a sentence of 10 to 12 years ,for a Calgary man who bilked clients out of millions of dollars in a Ponzi scheme.
Arnold Breitkreutz, 74, was convicted on June 29 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.
“The Crown said Breitkreutz was held in “high regard” by many clients after successfully running a mortgage-broker business for years.
Between May 1, 2014, and Sept. 30, 2015, investors provided Breitkreutz with more than $21.4 million , 107 individuals were defrauded money.
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