Believe it or not, Ponzi schemes are HUGE in Canada, where we do not have RICO statutes to club them over the head with. Although the schemes may be based here, they often prey on victims from other nations, particularly the US.
CALGARY – Genie Vollmer remembers vividly the last time she saw one of the architects of what authorities say is the largest Ponzi scheme in Canadian history.
Vollmer and her husband, Helmut, invested $400,000 with Milowe Brost, 61 and his partner Gary Sorenson, 71, who were convicted earlier this month of fraud and theft. Brost was also convicted of money laundering.
A sentencing hearing is scheduled for today.
The two men were arrested in 2009. Vollmer said she attended a final investors meeting conducted by Brost in Calgary and his assurances now haunt her.
“At that time he said the government was after him, but he also mentioned — and I will never forget those words — that ‘I am always a step ahead of them,'” she said in a telephone interview.
“I can still see him marching down the aisle and he was very nervous and at that time…
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