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Feb 25, 2019
Panel sanctions respondents for deceiving investors and operating a Ponzi scheme.
CALGARY – February 25, 2019 – The Alberta Securities Commission (ASC) has sanctioned Arnold Breitkreutz, Base Finance Ltd. (Base Finance) and Susan Elizabeth Way for perpetrating a fraud on investors. An ASC panel previously determined that the respondents, who raised approximately $137 million from hundreds of investors, perpetrated a fraud by deceiving investors and operating a Ponzi scheme.
The ASC panel ordered that:
In its decision, a majority of the panel considered Breitkreutz's misconduct to be "among the most egregious known to the capital market." The majority of the panel also stated that the "amounts taken from investors by Breitkreutz and Way, the extended period of time over which they were taken, the number of investors affected by the Respondents' misconduct, and the Respondents' continued assertions that there was nothing wrong with their conduct apart from not being registered with the ASC put this case among the worst frauds perpetrated in Alberta."
The decision is available on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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For further information please contact:
For Media Inquiries:
Curt Boechler Senior Communications Advisor 403-835-1263
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ASC Public Inquiries Toll Free: 1-877-355-4488