Top court rejects Ponzi fraudster appeal

Milowe Brost was sentenced to 12 years in prison

CALGARY — A Calgary man jailed in one of the largest Ponzi schemes in Canadian history has failed in his attempt to have his conviction overturned.

Milowe Brost was sentenced to 12 years in prison for an elaborate, multimillion-dollar fraud in which investors were promised unrealistic returns.

He was also found guilty of money laundering.

He was convicted along with his business partner Gary Sorenson.

Lawyers for Brost had argued that he should have been granted a mistrial when Sorenson, who was representing himself, admitted to jurors in his final submission that he used investment funds in a fishing lodge.

The Alberta Court of Appeal said even if it was a confession, it didn’t point to wrongdoing by Brost.

“He did not implicate the appellant and used the prepositions “I” and “me” 11 times in this particular passage,” the judges wrote of Sorenson’s submission.

The judges also rejected arguments that Justice Robert Hall should not have removed a sick juror and that he erred in his charge to the jury.

“The appellant has failed to establish how the conduct of the trial by his self-represented co-accused … amounted to a miscarriage of justice. He has not represented any reviewable error underlying the conviction and the appeal is dismissed.”

The trial of Sorenson and Brost heard more than 2,400 investors from around the world lost up to $200 million in total. Police have estimated the figure could be as high as $400 million. Many people lost their life savings.

Investors were promised a 34 per cent annual return on a “low-risk” investment of $99,000, which was supposed to grow to just over $1 million within eight years. They were told the business involved selling gold for refining.

— Follow @BillGraveland on Twitter

Bill Graveland, The Canadian Press

Just Posted

Red Deer man says more cardiac care needed here

Ryan Gillies spent several extra days in hospital waiting to get a stent in Edmonton

Red Deer gets ready for CFR 45

A $20 to $25-million annual injection to the local economy

Former Red Deer teacher going to trial on child porn charges

Charges were laid in January 2017 after a woman came forward

Red Deer agency reports more than 1,000 lives saved with naloxone

Turning Point distributes 5,855 naloxone kits

WATCH: Ponoka residents enjoy first skate on ice path

A community initiative helped create a skate path for families in Ponoka.

Giddy up: Red Deer to host Canadian Finals Rodeo in 2018

The CFR is expected to bring $20-30 million annually to Red Deer and region

Got milk? Highway reopened near Millet

A southbound truck hauling milk and cartons collided with a bridge

Stettler’s newest residents overcame fear, bloodshed to come here

Daniel Kwizera, Diane Mukasine and kids now permanent residents

Giddy up: Red Deer to host Canadian Finals Rodeo in 2018

The CFR is expected to bring $20-30 million annually to Red Deer and region

Ice dancers Virtue and Moir to carry flag at Pyeongchang Olympics

Not since Kurt Browning at the 1994 Lillehammer Games has a figure… Continue reading

Beer Canada calls on feds to axe increasing beer tax as consumption trends down

OTTAWA — A trade association for Canada’s beer industry wants the federal… Continue reading

Central Albertans recall Hawaii’s false missile alert

Former Red Deer councillor Paul Harris was hanging out at the Ka’anapali… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month