Alberta Ponzi scheme hit with over four-million in penalties.

The operators of an Alberta Ponzi scheme that cost investors 122-million dollars have been hit with more than four-million dollars in penalties.

The Alberta Securities Commission says Arnold Breitkreutz of Calgary-based Base Finance must pay the bulk of the costs, including 2.67-million dollars in disgorgements of ill-gotten gains.

Office administrator Susan Elizabeth Way is ordered to disgorge 362-thousand dollars and pay another 200-thousand in other costs.

The A-S-C says Base Finance took money from hundreds of investors between 2004 and 2015 that was to be invested in mortgages.