Canadian Charged in $100M Ponzi Scheme

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.