Milowe Brost, Gary Sorenson hear from Ponzi scheme victims during sentencing hearing
A sentencing hearing is underway for two Calgary men who orchestrated one of the largest Ponzi schemes in Canadian history.
The prosecution has asked that Milowe Brost and Gary Sorenson be sentenced to 14 years in prison — the maximum allowed for a fraud conviction.
The former business partners were found guilty of theft and fraud charges in February after a five-month jury trial.
More than 2,000 investors lost between $100 million and $400 million between 1999 and 2008.
Lawyers for both Brost and Sorenson have indicated they're seeking sentences of eight to ten years.
Nearly 600 victim impact statements have been registered with the court.
One of Brost and Sorenson's victims read her statement aloud in a Calgary courtroom today.
"I feel shaky, on edge and terrified of my future," said Carole Knopp, who travelled from Enderby, B.C., for the hearing.
The 69-year-old said she will be in debt for the rest of her life after losing roughly $130,000. She told the court she feels "ashamed and embarrassed."
The hearing is set to last two days.
