Arnold Breitkreutz, 74, was found guilty of fraud over $5,000 by Queen’s Bench Justice Colin Feasby after a trial in June. In sentencing Breitkreutz, Feasby described the “deliberate, large-scale” fraud that “profoundly” affected the lives of the victims, some of them retired. The judge noted common themes of anxiety, depression and a “deep sense of betrayal” suffered by defrauded investors, many of whom lost everything to a man they would have trusted. Although Breitkreutz’s company Base Financial began operating in the late 1980s and took investors’ money for more than 30 years, the time period examined by the courts was more than 16 months, from May 2014 to September of 2015. Investment losses at Base Finance totaled more than $100 million, but a large portion of that did not fall within the dates of the breach. But there were more than 100 investors who lost about $21 million in that breach period, the judge noted.
“Dangerous Texas Oil Play”
Investors in Base Finance believed their money was secured by mortgages on real estate in Alberta, when in fact it had been borrowed from an oil and gas supplier and used in “a risky oil play in Texas and secured against oil and gas leases and equipment gas,” he wrote. Fesby in his sentencing. Earlier this week, prosecutor Shelley Smith asked the judge to consider a sentence of between 10 and 12 years, while defense lawyer Cale Ellis-Toddington suggested a sentence of five to eight years. In 2019, the Alberta Securities Commission (ASC) ordered Breitkreutz and his office manager, Susan Elizabeth Way, to repay nearly $4 million. At the time, the commission called the scheme “one of the worst scams ever perpetrated in Alberta.” Breitkreutz and Base Finance Ltd. permanently barred from trading or buying securities after being convicted of violating the Securities Act. Last year, Way was sentenced to three years in prison after pleading guilty to her role in the fraud.
title: “Calgary Man Sentenced To 10 Years In Prison For Multi Million Dollar Ponzi Scheme Klmat” ShowToc: true date: “2022-11-06” author: “Sydney Osborne”
Arnold Breitkreutz, 74, was found guilty of fraud over $5,000 by Queen’s Bench Justice Colin Feasby after a trial in June. In sentencing Breitkreutz, Feasby described the “deliberate, large-scale” fraud that “profoundly” affected the lives of the victims, some of them retired. The judge noted common themes of anxiety, depression and a “deep sense of betrayal” suffered by defrauded investors, many of whom lost everything to a man they would have trusted. Although Breitkreutz’s company Base Financial began operating in the late 1980s and took investors’ money for more than 30 years, the time period examined by the courts was more than 16 months, from May 2014 to September of 2015. Investment losses at Base Finance totaled more than $100 million, but a large portion of that did not fall within the dates of the breach. But there were more than 100 investors who lost about $21 million in that breach period, the judge noted.
“Dangerous Texas Oil Play”
Investors in Base Finance believed their money was secured by mortgages on real estate in Alberta, when in fact it had been borrowed from an oil and gas supplier and used in “a risky oil play in Texas and secured against oil and gas leases and equipment gas,” he wrote. Fesby in his sentencing. Earlier this week, prosecutor Shelley Smith asked the judge to consider a sentence of between 10 and 12 years, while defense lawyer Cale Ellis-Toddington suggested a sentence of five to eight years. In 2019, the Alberta Securities Commission (ASC) ordered Breitkreutz and his office manager, Susan Elizabeth Way, to repay nearly $4 million. At the time, the commission called the scheme “one of the worst scams ever perpetrated in Alberta.” Breitkreutz and Base Finance Ltd. permanently barred from trading or buying securities after being convicted of violating the Securities Act. Last year, Way was sentenced to three years in prison after pleading guilty to her role in the fraud.
title: “Calgary Man Sentenced To 10 Years In Prison For Multi Million Dollar Ponzi Scheme Klmat” ShowToc: true date: “2022-11-04” author: “Alvin Redmond”
Arnold Breitkreutz, 74, was found guilty of fraud over $5,000 by Queen’s Bench Justice Colin Feasby after a trial in June. In sentencing Breitkreutz, Feasby described the “deliberate, large-scale” fraud that “profoundly” affected the lives of the victims, some of them retired. The judge noted common themes of anxiety, depression and a “deep sense of betrayal” suffered by defrauded investors, many of whom lost everything to a man they would have trusted. Although Breitkreutz’s company Base Financial began operating in the late 1980s and took investors’ money for more than 30 years, the time period examined by the courts was more than 16 months, from May 2014 to September of 2015. Investment losses at Base Finance totaled more than $100 million, but a large portion of that did not fall within the dates of the breach. But there were more than 100 investors who lost about $21 million in that breach period, the judge noted.
“Dangerous Texas Oil Play”
Investors in Base Finance believed their money was secured by mortgages on real estate in Alberta, when in fact it had been borrowed from an oil and gas supplier and used in “a risky oil play in Texas and secured against oil and gas leases and equipment gas,” he wrote. Fesby in his sentencing. Earlier this week, prosecutor Shelley Smith asked the judge to consider a sentence of between 10 and 12 years, while defense lawyer Cale Ellis-Toddington suggested a sentence of five to eight years. In 2019, the Alberta Securities Commission (ASC) ordered Breitkreutz and his office manager, Susan Elizabeth Way, to repay nearly $4 million. At the time, the commission called the scheme “one of the worst scams ever perpetrated in Alberta.” Breitkreutz and Base Finance Ltd. permanently barred from trading or buying securities after being convicted of violating the Securities Act. Last year, Way was sentenced to three years in prison after pleading guilty to her role in the fraud.
title: “Calgary Man Sentenced To 10 Years In Prison For Multi Million Dollar Ponzi Scheme Klmat” ShowToc: true date: “2022-11-10” author: “Graham Fink”
Arnold Breitkreutz, 74, was found guilty of fraud over $5,000 by Queen’s Bench Justice Colin Feasby after a trial in June. In sentencing Breitkreutz, Feasby described the “deliberate, large-scale” fraud that “profoundly” affected the lives of the victims, some of them retired. The judge noted common themes of anxiety, depression and a “deep sense of betrayal” suffered by defrauded investors, many of whom lost everything to a man they would have trusted. Although Breitkreutz’s company Base Financial began operating in the late 1980s and took investors’ money for more than 30 years, the time period examined by the courts was more than 16 months, from May 2014 to September of 2015. Investment losses at Base Finance totaled more than $100 million, but a large portion of that did not fall within the dates of the breach. But there were more than 100 investors who lost about $21 million in that breach period, the judge noted.
“Dangerous Texas Oil Play”
Investors in Base Finance believed their money was secured by mortgages on real estate in Alberta, when in fact it had been borrowed from an oil and gas supplier and used in “a risky oil play in Texas and secured against oil and gas leases and equipment gas,” he wrote. Fesby in his sentencing. Earlier this week, prosecutor Shelley Smith asked the judge to consider a sentence of between 10 and 12 years, while defense lawyer Cale Ellis-Toddington suggested a sentence of five to eight years. In 2019, the Alberta Securities Commission (ASC) ordered Breitkreutz and his office manager, Susan Elizabeth Way, to repay nearly $4 million. At the time, the commission called the scheme “one of the worst scams ever perpetrated in Alberta.” Breitkreutz and Base Finance Ltd. permanently barred from trading or buying securities after being convicted of violating the Securities Act. Last year, Way was sentenced to three years in prison after pleading guilty to her role in the fraud.
