RISK: Canadian Ponzi schemers sentenced to 12 years

More than 2,400 investors from around the world lost between $100 million to $400 million, and many people lost their life savings

A judge has sentenced two men to 12 years in prison for one of the largest Ponzi schemes in Canadian history.

Gary Sorenson and Milowe Brost were found guilty of fraud and theft in February for an elaborate scheme in which investors were promised unrealistic returns.

More than 2,400 investors from around the world lost between $100 million to $400 million, and many people lost their life savings.

The court received 600 victim impact statements prior to the sentencing hearing.

Ponzi schemes involve taking funds from new investors and using them to pay old ones.

The Crown was asking the judge to sentence both men to 14 years in prison, the maximum sentence allowed.

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Transcontinental Media G.P.