Gary Allen[1] Sorenson (born 1943 in Calgary, Alberta)[2] is a Canadian businessman who was arrested at Calgary International Airport on September 29, 2009 for an alleged role in a Ponzi scheme that scammed investors of more than C$300 million, the largest in Canada.[3] On July 28, 2015 Gary Sorenson, 71, and Milowe Brost, 61, were sentenced in a Calgary courtroom to 12 years in prison for their elaborate, multimillion-dollar fraud.
This section needs expansion. You can help by adding to it. (December 2009)
Gary Sorenson was born in Calgary, Alberta in 1943.[2]
Prior to his arrest, he was believed to be residing in a mansion in Honduras just outside the capital of Tegucigalpa.[4] The Alberta Securities Commission, the regulatory agency responsible for administering the province's securities laws,[5] alerted the RCMP about the Ponzi scheme in 2007.
Allegations
Sorenson, and fellow Canadian Milowe Brost, are both accused of deceiving 3,000 people in Canada, the United States, and overseas out of $100 million, and possibly up to $400 million, between 1999 and 2008. According to the Royal Canadian Mounted Police (RCMP), Sorenson and Brost created a business named Syndicated Gold Depository S.A. and then formed an agreement to lend money to Merendon Mining, promising a high rate of return. Investors were then enticed into offshore shell companies marketed by Brost's firms, Capital Alternatives Inc. and Institute for Financial Learning Group of Companies Inc.[3] In the 1980s Sorenson was allegedly involved with persons carrying out illegal distribution of securities in Calgary, Alberta Canada and in importing illegal drugs from west Africa according to information contained in RCMP and Alberta Securities Commission files.
Arrest
Sorenson was arrested on September 29, 2009, at the Calgary International Airport in Calgary, Alberta. He was charged with fraud and theft over $5,000. Sorenson was brought before a justice of the peace and was released on bail of $150,000 cash or $300,000 surety,[6] though he had to surrender his Canadian passport to authorities and was required to remain in Alberta to report weekly to the RCMP. If convicted, he could face a sentence of up to 14 years.[7]
Conviction
In July 2015 Sorenson received a sentence of 12 years for his role in the scheme. The court said Sorenson and his partner bilked more than 2400 investors from around the world of $200–400 million. "The crimes committed by these two offenders are two of the biggest frauds in Canadian history,'' Queen's Bench Justice Robert Hall said in a Calgary courtroom. "They were motivated in my mind by greed with no regard to the effect on the many, many investors they defrauded,'' he added.[8]
^ ab"Suspect in Canada's largest Ponzi scheme arrested". CBC.ca. 2009-09-29. Retrieved 2009-09-29.
^"Calgarian accused in Ponzi scheme has left Honduras mansion: Interpol". Calgary Herald. 2009-09-25. Retrieved 2009-09-29.
^"About ASC". Alberta Securities Commission. Retrieved 2009-09-29.
^"Second man arrested in alleged Ponzi scheme". The Globe and Mail. 2009-09-29. Retrieved 2009-09-29.
^"Man arrested in alleged Ponzi scheme". CTV.ca. 2009-09-29. Retrieved 2009-09-29.
^"Men Guilty Of Running Massive Ponzi Scheme Sentenced". The Huffington Post. Retrieved 2015-08-08.
March 12, 2023
gary, sorenson, gary, allen, sorenson, born, 1943, calgary, alberta, canadian, businessman, arrested, calgary, international, airport, september, 2009, alleged, role, ponzi, scheme, that, scammed, investors, more, than, million, largest, canada, july, 2015, mi. Gary Allen 1 Sorenson born 1943 in Calgary Alberta 2 is a Canadian businessman who was arrested at Calgary International Airport on September 29 2009 for an alleged role in a Ponzi scheme that scammed investors of more than C 300 million the largest in Canada 3 On July 28 2015 Gary Sorenson 71 and Milowe Brost 61 were sentenced in a Calgary courtroom to 12 years in prison for their elaborate multimillion dollar fraud Contents 1 Biography 2 Allegations 2 1 Arrest 2 2 Conviction 3 ReferencesBiography EditThis section needs expansion You can help by adding to it December 2009 Gary Sorenson was born in Calgary Alberta in 1943 2 Prior to his arrest he was believed to be residing in a mansion in Honduras just outside the capital of Tegucigalpa 4 The Alberta Securities Commission the regulatory agency responsible for administering the province s securities laws 5 alerted the RCMP about the Ponzi scheme in 2007 Allegations EditSorenson and fellow Canadian Milowe Brost are both accused of deceiving 3 000 people in Canada the United States and overseas out of 100 million and possibly up to 400 million between 1999 and 2008 According to the Royal Canadian Mounted Police RCMP Sorenson and Brost created a business named Syndicated Gold Depository S A and then formed an agreement to lend money to Merendon Mining promising a high rate of return Investors were then enticed into offshore shell companies marketed by Brost s firms Capital Alternatives Inc and Institute for Financial Learning Group of Companies Inc 3 In the 1980s Sorenson was allegedly involved with persons carrying out illegal distribution of securities in Calgary Alberta Canada and in importing illegal drugs from west Africa according to information contained in RCMP and Alberta Securities Commission files Arrest Edit Sorenson was arrested on September 29 2009 at the Calgary International Airport in Calgary Alberta He was charged with fraud and theft over 5 000 Sorenson was brought before a justice of the peace and was released on bail of 150 000 cash or 300 000 surety 6 though he had to surrender his Canadian passport to authorities and was required to remain in Alberta to report weekly to the RCMP If convicted he could face a sentence of up to 14 years 7 Conviction Edit In July 2015 Sorenson received a sentence of 12 years for his role in the scheme The court said Sorenson and his partner bilked more than 2400 investors from around the world of 200 400 million The crimes committed by these two offenders are two of the biggest frauds in Canadian history Queen s Bench Justice Robert Hall said in a Calgary courtroom They were motivated in my mind by greed with no regard to the effect on the many many investors they defrauded he added 8 References Edit Calgary seniors lose 350 000 in alleged Ponzi fraud CBC ca 2009 09 15 Retrieved 2009 09 29 a b Calgarian sought in alleged 100M Ponzi fraud CBC ca 2009 09 14 Retrieved 2009 09 29 a b Suspect in Canada s largest Ponzi scheme arrested CBC ca 2009 09 29 Retrieved 2009 09 29 Calgarian accused in Ponzi scheme has left Honduras mansion Interpol Calgary Herald 2009 09 25 Retrieved 2009 09 29 About ASC Alberta Securities Commission Retrieved 2009 09 29 Second man arrested in alleged Ponzi scheme The Globe and Mail 2009 09 29 Retrieved 2009 09 29 Man arrested in alleged Ponzi scheme CTV ca 2009 09 29 Retrieved 2009 09 29 Men Guilty Of Running Massive Ponzi Scheme Sentenced The Huffington Post Retrieved 2015 08 08 Retrieved from https en wikipedia org w index php title Gary Sorenson amp oldid 1039240584, wikipedia, wiki, book, books, library,
