Receivership ordered in alleged Ponzi scheme

"There is a real risk of irreparable harm in the wasting of the proposed receivership companies' assets," Court of Queen's Bench Justice G.C. Hawco wrote in reasons dated April 9.

Justice Hawco noted that the alleged Ponzi scheme involved "upwards of $500-million" and noted that Mr. Sorenson's companies are "experienced at transferring money."

The justice found that Mr. Sorenson's businesses, known as the Merendon companies, which are located in Central and South America, have received more than $50-million from companies run by his alleged co-conspirator in the Ponzi scheme, Milowe Brost.