Milowe Brost
The U.S. Securities and Exchange Commission is suing two Canadian men (Milowe Brost and Gary Sorenson), accusing them of running a $300-million Ponzi scheme that promised returns of as much as 36% on investments in gold-mining companies.
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Milowe Brost and Gary Sorenson diverted the savings of more than 3,000 investors through shell companies from at least 1999 to 2008, using millions of dollars to buy homes, ranches and a South American resort, the SEC said on Thursday, June 10, 2010, in a federal court filing. "Brost and Sorenson orchestrated a complex, far-reaching fraud," Donald Hoerl, director of the SEC's regional office in Denver, said. (Source: National Post, Bloomberg News.)
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