The Canadian Press

Two men accused of creating a Ponzi scheme that allegedly defrauded investors around the world of millions of dollars won’t be back in a Calgary court until December 14.

The case was put over Monday because lawyers for the two still need to be worked out.

Gary Sorenson and Milowe Brost are both charged with fraud and theft over $5,000.

Police allege thousands of investors in Canada, the United States and overseas were swindled between 1999 and December 2008.

Investigators say the amount of money lost could be close to $400 million.

A handful of investors showed up in court but did not want to comment.

Police have said the pair face up to 14 years in prison if convicted for what is alleged to be “the largest Ponzi-type scheme” in Canadian history.

Brost and Sorenson were charged Sept. 13. Brost was arrested at that time, but Sorenson was still at large and police believed he was living in Honduras.

He was arrested Sept. 29 after stepping off a plane at the Calgary airport. Police say he returned voluntarily after discussions between his lawyer and government officials.

RCMP say the alleged scheme involved the creation of Syndicated Gold Depository S.A., which was supposed to lend money to Merendon Mining Corporation Ltd., with the promise of a high rate of return and tax advantages.

The perks, police say, were used to entice investors to put their money into offshore shell companies, which were run by handpicked nominees and marketed by Capital Alternatives Inc. and The Institute for Financial Learning Group of Companies Inc., two firms owned by Brost.

The shell companies included Asset Trax Inc., Quatro Communications Corp., Rapid Express Corporation, Strategic Metals Corp., and Merendon Mining (Nevada) Inc.

Police said last month they had interviewed about 100 investors, many of whom came forward after the charges were originally laid.

Investors have told stories of dashed retirement dreams and lost homes.

Helmut and Genie Vollmer of Calgary have said they invested $350,000 at the urging of their longtime accountant.

They pledged to attend all court hearings to see for themselves what Brost and Sorenson have to say.

Graham McMillan created a website in 2006 warning against companies allegedly run by Sorenson and Brost after his father invested money. He said he’s heard from people who have had to move in with relatives.

Sorenson and Brost have been free on bail.