Blogs & Comment

Canada’s biggest Ponzi scheme (II)?

So, to follow up on a previous post, Gary Sorensons and Milowe Brosts day in court Dec. 14 in connection with the alleged Ponzi scheme known as the Institute for Financial Learning was a non-event. Sorenson didnt show up because he had his bail conditions amended to allow him to visit his elderly mother in B.C. Brost did show up because he had to change his lawyers.
Not that it mattered. The court case was adjourned to March because both the defense and prosecution are still waiting for disclosure from investigators. Sorenson lawyer Dan MacLeod expects it will be voluminous, in the order of 80,000 pages at least.He said even if full disclosure is available by March, it will still be a long time before the case proceeds to the next stage. My best guess, and only a guess, is were probably at least a year away from a preliminary inquiry, if not more, MacLeod told one reporter.
First, the RCMP investigators take three years to investigate all the while the alleged scam continued to operate and draw in people. Now the evidence cant be provided in a timely manner. And then the investigators will dump a ridiculous 80,000 pages of evidence on the lawyers desk, which will take months to sort through.
This justice system is appallingly inefficient in operation. It will likely be years before all is said and done in this case. The victims deserve better. And the bad guys need more of a disincentive in the form of swifter justice. Along with the customary light sentences,no wonder financial fraud is so prevalent in Canada. Something oughtto be done about it.