Investors risked up to $27M in Ponzi scheme run by Calgary company, court told

Reading from a statement of agreed facts, Crown prosecutor Brian Holtby detailed how Breitkreutz and Way took in investments which were supposed to be secured by mortgages on residential properties.

But Holtby said that between May 1, 2014, and Sept. 30, 2015, the company took in about $27 million from 107 people investing in Base Financial even though the company “held no such mortgages.” During that time period auditors discovered $27 million was invested and $26.3 million was paid out, some of which went to people who put in money prior, Holtby said.

The prosecutor said while Breitkreutz was the company president, Way “played a significant role in the operations of Base Finance.”

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