Greg martel

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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

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. Many investors lose money when the schemes, named after s-era fraudster Charles Ponzi, collapse. In May of this year, the B.

Online group discussions indicate people invested as far back as and some were paid greg martel and principal before payments stopped. Financial Services Authority. The complainant said the company pitching the short-term, high-return bridge loans came across his desk from one of their investors, 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.

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.

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.

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I consent to receiving emails from the Capital Daily. Advertisement 2. Securities Commission spokesman Brian Kladko said in a written statement, referring to its own criminal investigation started after the scheme collapsed. The B. The authority said it referred potential securities related information to the securities commission. Featured Flyer. The next issue of West Coast Homes will soon be in your inbox. Until a friend invited him to join him in the finance industry, Martel says, he was more interested in having a beer after a game than business. There is a house in Ontario that is also part of the frozen assets. Share by Email. Subscribe to our daily newsletter:.

Martel is the sole director of My Mortgage Auction Corp.

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. According to PwC, two other properties owned by Martel were sold late last year as part of the asset recovery effort. The complaint was over short-term investments in properties in Eastern Canada. Notice for the Postmedia Network. We ask you to keep your comments relevant and respectful. Greater Victoria unemployment rate sees slight drop Mar 8, PM. Comments may take up to an hour for moderation before appearing on the site. Environment Canada issues wind warnings for B. Postmedia News reviewed hundreds of pages of court records in B. The complainant flagged the offer as odd, saying it was three to four times what the industry was promising to investors. In the more recent offerings to investors to provide money to pool for the bridge loans, staggering short-term returns were tendered.