Ponzi scheme trial: Milowe Brost and Gary Sorenson found guilty

Two men have been found guilty of fraud charges in what has been called the largest Ponzi scam in Canadian history, costing thousands of investors between $100 million and $400 million.

Investors collectively lost between $100M and $400M, police say

Milowe Brost, 61, and Gary Sorenson, 71, were found guilty of a number of charges related to a Ponzi scheme that affected thousands of investors. (CBC)

Two men have been found guilty of fraud charges in what has been called the largest Ponzi scam in Canadian history, costing thousands of investors between $100 million and $400 million.

Milowe Brost, 61, and Gary Sorenson, 71, were each convicted of two counts of fraud and two counts of theft Saturday evening. Brost was also found guilty on one count of money laundering.

The charges stem from business activity between 1999 and 2008.

Police have said more than 2,000 investors around the world lost a total of hundreds of millions of dollars in the scheme.

The Crown says many lost their life savings, retirement plans and even the equity in their homes.

"You have represented the people of Canada in the most important civic duty," Justice Robert Hall told the jury, which was sequestered earlier this week, following the verdict. "The people of Canada thank you."

The Crown said it will seek a maximum sentence of 14 years for the fraud. 

With files from the CBC's Meghan Grant

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