Arnold Breitkreutz, 74, was convicted in June of fraud over $5,000 for the scheme in which investors believed they were putting money into safe first mortgages
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A Calgary man who bilked his clients out of millions of dollars in a Ponzi scheme was sentenced Friday to 10 years in prison and ordered to pay $3.1 million in restitution for what the judge called a “deliberate and large-scale” fraud.
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Arnold Breitkreutz, 74, was convicted in June of fraud over $5,000 for what the Crown called a multimillion-dollar scheme in which investors believed they were putting money into safe first mortgages.
