Milowe Brost's lawyer delivers closing submissions in Ponzi scheme trial

Final arguments have been made on behalf of two Calgary men accused in what police have called the "largest Ponzi-type scheme in Canadian history."

Milowe Brost, 61, and Gary Sorenson, 71, each face two charges of fraud and theft. Their jury trial has been running since September.

• $400M Ponzi scheme trial gets underway in Calgary

Brost is also accused of money laundering.

More than 2,000 investors lost between $100 million to $400 million. All charges stem from business activity between 1999 and 2008.

Sorenson, after dismissing his lawyers earlier in the trial, defended his business decisions in his own closing arguments on Tuesday.

In his closing submissions to the jury today, Brost's lawyer attacked the credibility of several of the Crown's key witnesses:individuals who were involved in the investments and corporations run by Brost and Sorenson.

"The only evidence comes from liars and criminals.It comes from people who have everything to gain from lying."

'Foundation of lies and deceit'

Owen Hoffman, former president of Syndicated Gold Depository one of the companies involved in the alleged scamtestified for more than two weeks and implicatedBrost and Sorenson.

Cory Wilson, one of Brost's lawyers, pointed out to the jury that Hoffman admitted under oath to stealing more than $250,000from investors yet faced no charges.

"Hoffman was willing to throw anyone under the bus to avoid being hit by it," said Wilson.

Wilson said the Crowns case was built on a foundation of lies and deceit andfailed to prove that Brost had criminal intent to deceive investors.

The Crown failed in their burden, Wilson said.Mr. Brost is innocent.

The Crown also began itsfinal submissions today. Prosecutor Brian Holtby told the jury Sorensonand Brost pursued a joint criminal enterprise in which eachplayed an active part.

"They never let the truth get in the way of their desire to be rich," Holtby said.

The Crown also has tomorrow tomake final submissions.

Thejury is expected tobegin deliberations on Tuesday.