“As a Honduran businessman, he endured the sting of failure, struggling to make ends meet in a desperately poor country.

But as a partner with Gary Sorenson, he survived more intricate hardship.

Savard holds the dubious distinction of being one of the first Canadians to lose money in Merendon Mining Corp. Ltd., a company he helped create in Calgary with Sorenson–and a firm now in the crosshairs of investigators who are trying to unravel what RCMP say is Canada’s largest Ponzi scheme.

“Me and my wife lived in a shack and the only water was a pipe sticking out of the ground,” Savard says of his early days in Honduras, after walking away a decade ago from Merendon Mining and a$250,000 cash investment in the mining company.”

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