Calgary man convicted of a Ponzi scheme denied appeal

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An Alberta man convicted in one of the largest Ponzi schemes in Canadian history had his appeal denied on Wednesday.

Milowe Brost, from Calgary, was convicted in 2015 and sentenced to 12 years in prison along with co-accused Gary Sorenson.

The pair were found guilty of fraud and theft in relation to an elaborate scheme that promised investors unrealistic returns. Brost was also found guilty of money laundering.

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.