Greg martel

But once the dust settles on the sale of the seven-bedroom, greg martel, eight-bathroom, 9,square-foot house, it's unlikely any greg martel the money recovered will reach the many hundreds of people who lost money investing with Martel. Martel is the disgraced Victoria, B. SYOM collapsed last year amid a flurry of lawsuits filed by investors. The claims were consolidated by the court under a receivership order in May of and PwC was appointed receiver with greg martel duty to recover money and assets of Martel and his company to pay back jilted investors.

Financial Services Authority and the B. Securities Commission in early and mid, according to financial services authority records obtained by Postmedia through a freedom of information request. On learning complaints had been made well before the scheme collapsed, one investor, Kelly, who wished to be identified only by her first name, said if regulators had dug deeper maybe investors could have saved tens of millions of dollars. She acknowledged the regulator is not per cent responsible for money she invested, as she has to own some of that responsibility. I get very angry. In the summer of , more than 18 months before investors began suing Martel and the scheme came to public attention, two complaints to the financial services authority outlined concerns over a bridge-loan investment scheme.

Greg martel

In fall , investors who had poured hundreds of millions of dollars into short-term loans with mortgage broker Greg Martel were nervous. They had been collecting high returns on the basis that their money was pooled to provide bridging loans for real estate development, often for less than 90 days, to allow projects to secure permanent financing or pay off a current loan. But when there were delays in payments and some investors started calling for their principals to be returned, Martel balked and asked for more time. Supreme Court. But as concerns grew in B. Martel, 47, who started out in the mortgage brokerage business in Victoria more than 15 years ago, had in recent years spent most of his time in the Newport Beach area in California, just south of Los Angeles, expanding his business interests to include a startup, luxury car-share company heavily touted on social media. He planned to expand that company to Europe and to create a bike-share and jet-share company. He had more than 50 employees across several companies that included a mortgage brokerage business in the U. Martel had rented a 9,square-foot, ground-level office with bays for vehicles, and a series of expensive houses and condos along the California coast between San Diego and L. He lived the high life, flying on private jets and buying high-end cars. Investors now believe they are victims of a massive Ponzi scheme, according to lawsuits filed in B. Supreme Court, U. Financial Services Authority.

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Alleged Ponzi schemer Greg Martel was found guilty of civil contempt of court Monday in Vancouver, along with an uncommon request from the judge that the warrant for his arrest be placed in the Canadian Police Information Centre CPIC system, which would allow police and authorities across Canada, and possibly at border crossings, to be aware he is a wanted man. His whereabouts are uncertain, although he was rumoured to be in Thailand at one point. In her ruling, Justice Shelley Fitzpatrick said it was clear Martel has not abided by numerous court orders compelling him to produce financial records and co-operate with court-appointed receiver PricewaterhouseCoopers PwC in its work to find the missing millions and recover assets for investors. Martel, that he has failed to comply with the orders," said Fitzpatrick. If apprehended, Martel will face a court hearing to determine his punishment for contempt, which could include jail time. Monday's hearing began with Martel's second set of lawyers informing the court they had resigned for "ethical reasons," in a scene almost identical to one in June when Martel's first lawyer stepped down citing the same issue.

British Columbia Supreme Court proceedings against Greg Martel, the Victoria mortgage broker who owes investors almost a quarter billion dollars, took an absurdist twist Friday when a bizarre email from Martel was read into the record. In it, Martel accuses court-appointed receiver PricewaterhouseCoopers PwC of being the reason he hasn't complied with court orders to provide banking information and financial documents. He also references the FBI and threatens to "file charges to PwC and a formal complaint to the judge. Additionally, Martel states in the email: "My hands are tied, and I have no problem proving this isn't the case in court Friday. Martel was not in court Friday, nor did he furnish the information demanded by the court. Martel is said to be out of the country, possibly in Thailand, although his exact whereabouts are a mystery. In a related twist, Martel's lawyer Ritchie Clark announced in court Friday he was withdrawing from the case, citing "ethical reasons. A new lawyer, Helen Sevenoaks, told Madame Justice Shelley Fitzpatrick her firm had been retained by Martel late Thursday night and "need[ed] to get up to speed. Martel and his company, Shop Your Own Mortgage SYOM , were put into receivership six weeks ago after more than a dozen investors filed civil suits against him, claiming they were owed money. According to PwC, Martel continues to stymie investigators and has provided only partial or inaccurate information about assets, including outrageously inflating the value of some of his business interests that have, in fact, turned out to be worthless.

Greg martel

The saga of alleged financial fraudster Greg Martel took another turn Thursday when Martel was put into personal bankruptcy during a hearing in B. Supreme Court in Victoria. The bankruptcy will help smooth the way for the receiver in the case, PricewaterhouseCoopers, to recover assets owned by Martel in order to pay back some of the money lost by jilted investors. Meanwhile, an application will be brought later this month to have Martel declared in contempt of court which could land him in jail, assuming he can be located in Canada. SYOM was supposedly in the business of pooling investor money to provide short term bridge loans to real estate developers. Investors were drawn in with promises of sky high rates of return, sometimes as much as per cent interest on an annualized basis. But things started to go south earlier this year when some investors started complaining that their pay outs were taking longer and longer to materialize.

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Many investors were from the Victoria area, other parts of B. Advertisement Martel, 47, had been a mortgage broker since in Victoria. Usher, who testified at B. Zander Sherman ,. The only hint of the program is a link to an investment team listed in April of this year on the now-shuttered Shop Your Own Mortgage website. The day before he was supposed to become a full-time employee, he was fired. Search vancouversun. This website uses cookies to personalize your content including ads , and allows us to analyze our traffic. Transportation Business. A self-professed jock, he played several sports, including hockey and golf. Have a tip? Financial Services Authority he was referred to Shop Your Own Mortgage on an investment in short-term mortgages that would return in excess of 10 per cent monthly.

Martel is the sole director of My Mortgage Auction Corp. Chief among creditors is an investor identified as Alberta Ltd.

The Mendezes paid Martel for the year upfront but court documents say it appears he absconded with all the money. Stay on top of the latest real estate news and home design trends. Millions continued to be invested in the scheme after the complaint up until May of , B. Bizarre email highlighted at court hearing into Greg Martel and missing millions. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. In the summer of , more than 18 months before investors began suing Martel and the scheme came to public attention, two complaints to the financial services authority outlined concerns over a bridge-loan investment scheme. In November , Martel was profiled in L. We acknowledge the financial support of the Government of Canada. The best morning read in Victoria, bar none. Advertisement 6. In the summer of , more than 18 months before investors began suing Martel and the scheme came to public attention, two complaints to the financial services authority outlined concerns over a bridge-loan investment scheme. In an interview, Hundle, now a mortgage broker in Kelowna, said he and Martel formed the company but he never had anything to do with it. Financial Services Authority he was referred to Shop Your Own Mortgage on an investment in short-term mortgages that would return in excess of 10 per cent monthly. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Create an Account Sign in.