Canadian Charged in $100M Ponzi Scheme

55-Year-Old Bilked Thousand of Investors Worldwide, Police Say after Three-Year Investigation

(AP)  Alberta Mounties say they have broken up an alleged Ponzi scheme that raised over (Canadian) $100 million from investors worldwide.

The RCMP laid fraud charges against 55-year-old Milowe Allen Brost Sunday after a three-and-a-half year investigation.

Another alleged suspect — 66-year-old Gary Allen Sorenson — is still at large and is believed to be out of the country.

Police say two men allegedly took money from thousands of investors in Canada, the United States and overseas over the last decade.

The scheme lured investors promising a high rate of return by putting their money in offshore shell companies.

Alberta RCMP are asking anyone who was victimized by the scheme to come forward with information.

[timdgrim]

Wall Street should go to 'Jail Street', all of them!

[MiddleClassWorker]

Again... the perp was Canadian, eh? Does anyone actually read anymore?

[docpeter1953]

Of h311, this Milowe Allen Brost was a small timer compared to Made-Off and Stanford. $100M Canadian is only $92.06M USD. He wouldn't even graduate in the bottom 10% of his class with a degree in Money Laundering here in America. But I guess they would still have that special name for him, "Crook".

He needs to go to Made-Off's School for Ponzi Economics and Schemes. he needs to really learn how it is done.

[bubbadubba]

Crooks trying to dodge taxes and get rich quick get taken for a ride by fellow crooks.
That's Karma baby.
I don't know about you but if some strangers told me today that I could make 20-100% interest on my money in a few months I would sure give them everything I own.
LOL

[incog-nito]

This is yet another example of why the U.S. is the greatest country in the world. No other country can hope to match the size of our ponzi schemes.

[MiddleClassWorker]

The perp was Canadian, eh?

[andacar]

I find it incredibly depresing, not so much that these crooks continue to operate, I expect that, but that people fall for the same old frauds again and again and again. Human greed, and the desire to get a huge return on nothing, does all the work for thee guys. Will we ever learn? You get what you pay for.