Milowe Brost denied bail while awaiting appeal for Ponzi conviction

A Calgary man convicted for his rolein one of the largest Ponzi schemes in Canadian history will not be allowed out of prison.

Milowe Brost,along with his co-accused Gary Sorenson,was sentenced to 12 years in prison last July.

The pairwere found guilty of fraud and theft after more than 2,400 investors from around the world lost from$100 million to $400 million.

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Brost, who is in his 60s,asked for bail on Thursday pending appeal but was denied.

"The trial process was unfair," said Brost'slawyer,ShamsherKothariin arguing for bail."He's a very old manand he's sick."

The judge found there was no assurance from either Crown ordefence that the appeal would be heard in a timely manner.

"It's not in the interest of justice to have people convicted and then released," said JusticeFransSlatterwhen denyingBrostbail.

Brost is appealing his sentence and conviction. A date for the appeal has not yet been set.

Heiseligiblefor day parole in June, 2017.