Greg martel

But once the dust settles on the sale of the seven-bedroom, 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.

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. Millions continued to be invested in the scheme after the complaint up until May of , B.

Greg martel

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. 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 so far, investigators have not found a shred of evidence supporting the existence of the bridge loans. And Martel has only stymied their investigation. In arguing for the contempt charge, PwC counsel Peter Rubin cited a document recovered by investigators that appeared to list loan recipients. Martel told investigators names on the list were coded and that only he knew the real identities. Despite agreeing to provide the true names, he never did. Upon further investigation, PwC determined the document was bogus.

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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.

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. Millions continued to be invested in the scheme after the complaint up until May of , B.

Greg martel

The B. Securities Commission has confirmed it is in the midst of an investigation of Victoria mortgage broker Greg Martel. The investigation will run alongside the investigative work of PricewaterhouseCoopers, the receiver overseeing the bankruptcy proceedings of My Mortgage Auction. The money was to be repaid with high interest. While the receiver has found very little money or assets in the last month of investigation, it has determined Martel recently made preferential interest payments to some investors. Bankruptcy proceedings allow the trustee to review payments My Mortgage has already made to some investors and claw that money back for the estate. The initial investigation suggests there will not be much money to be spread out among the creditors.

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The outcome of the financial services investigation, completed on Jan. 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. You must be logged in to join the discussion or read more comments. Financial Services Authority and the B. Social Sharing. Investors were drawn in with promises of sky-high rates of return, sometimes as much as per cent interest on an annualized basis. Matt Malone, an assistant law professor at Thompson Rivers University, says for the financial services authority to serve as a modern, effective and efficient consumer protection regulatory body, at minimum, it should publish more data showing the number of mortgage-broker complaints, and the percentage of complaints that are well-founded, not well-founded, abandoned by the complainant, referred to police or other authorities, or not investigated by the authority. A welcome email is on its way. He has since disappeared. View more offers. Environment Canada issues wind warnings for B. The financial services authority regulates entities such as credit unions and insurance companies in B. Now, hundreds of investors just want to know if there is any money left and if Martel still has some of it. Supreme Court certifies class action lawsuit for period tracker app with a million Canadian users.

Martel is the sole director of My Mortgage Auction Corp.

Martel, who spent most of his time in the last several years in the Newport Beach area in California, was last seen in August in Thailand. Postmedia also filed a freedom of information request for securities commission records of complaints related to Martel and his companies back to The commission also would not answer whether it passed on concerns in or to other regulatory bodies or the police. Those sections included that the release of the records would be harmful to law enforcement, intergovernmental relations, third-party business interests, personal privacy, policy advice and solicitor-client privilege. He had more than 50 employees across several companies that included a mortgage brokerage business in the U. 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. Others, including investors in Metro Vancouver, Alberta and the U. Missing millions and distraught investors: Case involving B. 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. Humayun said their investigations, by law, are limited to activities within the jurisdiction of the financial services authority. 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. Read more about cookies here.