CALGARY – A man convicted in one of the largest Ponzi schemes in Canadian history has been denied bail pending his appeal.
Milowe Brost, 61, was found guilty of fraud and theft in Feb. 2015 along with Gary Sorenson, 71, in connection with an elaborate Ponzi scheme. The judge said investors were promised unrealistic returns.
The pair was sentenced to 12 years in jail.
Thursday the appeal judge denied Brost’s application for judicial interim release.
WATCH: Milowe Brost and Gary Sorenson were each handed a 12 year sentence for stealing nearly 2 hundred million dollars in a historic fraud case. Global’s Tracy Nagai reports.
The complicated case began in 1999 after investors were promised inflated returns from a number of mining and mineral companies.
Ponzi schemes involve taking funds from new investors and using them to pay old ones.
Court heard that for over a decade, the pair stole about $200 million dollars from 2,400 investors, while living lavish lifestyles with mansions, ranches and expensive cars.
The trial took five months and nearly 600 victims submitted impact statements for the sentencing.
Many people lost their life savings.
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