Bust! Broker goes under owing $122 million

A Calgary mortgage brokerage has been placed into receivership with $122 million in investments owing to investors.

Base Finance Ltd. and Base Mortgage & Investment Ltd. are now in the hands of receiver BDO Canada.

Base has been operating in Calgary for four decades but was forced to stop trading by the Alberta Securities Commission. The receiver was appointed on October 15.

It’s alleged that 240 investors believed that their money was being invested in Alberta mortgages but that investigation into the companies’ banks accounts and handwritten accounts founded this was not the case, although Base owner Arnold Breitkreutz claims there is a “first-charge security mortgage” on a number of oil and gas leases, the Calgary Herald reports.

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