A Calgary judge has sentenced two men convicted in one of the largest Ponzi schemes in Canadian history to 12 years behind bars.

Gary Sorenson and Milowe Brost were handed their jail sentence on Tuesday morning for their part in an elaborate scheme that defrauded investors out of hundreds of millions of dollars.

Brost has also been handed a five year sentence for money laundering, which will be served concurrently to his fraud and theft charges.

The pair were found guilty of fraud and theft in February in connection with a investment scam that drew victims with a promise of unrealistic returns.

The Crown was asking Court of Queen's Bench Justice Robert Hall to sentence both men to 14 years in prison - the maximum sentence allowed.

Lawyers for the two fraudsters requested in the eight- to 10-year range, pointing out the two are still likely to die in jail.

They are requesting that the pair serve their sentences at the correctional facility in Bowden, Alberta.

Over 2,400 people from around the world lost between $100 to $400M.

(With files from CTVNews.ca)