Milowe Brost denied bail while awaiting appeal for Ponzi conviction

A Calgary man convicted for his role in one of the largest Ponzi schemes in Canadian history will not be allowed out of prison.

Milowe Brost, along with his co-accused Gary Sorenson, was sentenced to 12 years in prison last July.

The pair were found guilty of fraud and theft after more than 2,400 investors from around the world lost from $100 million to $400 million.

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Brost, who is in his 60s, asked for bail on Thursday pending appeal but was denied.

"The trial process was unfair," said Brost's lawyer, Shamsher Kothari in arguing for bail. "He's a very old man and he's sick."

The judge found there was no assurance from either Crown or defence that the appeal would be heard in a timely manner.

"It's not in the interest of justice to have people convicted and then released," said Justice Frans Slatter when denying Brost bail.

Brost is appealing his sentence and conviction. A date for the appeal has not yet been set.

He is eligible for day parole in June, 2017.