Greg martel

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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.

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.

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But once the dust settles on the sale of the seven-bedroom, eight-bathroom, 9,square-foot house, it's unlikely any of 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 the duty to recover money and assets of Martel and his company to pay back jilted investors. The Las Vegas property is one such asset — and a contentious one at that — requiring many months of legal machinations on both sides of the border. A sworn declaration submitted in U.

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 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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Your submission has been received! Advertisement 8. Search vancouversun. He said he was shocked and angry to learn about the money people were missing. There is a house in Ontario that is also part of the frozen assets. Securities Commission, which regulates B. Advertisement 5. Related News. I consent to receiving emails from the Capital Daily. Trustee in accused B. Securities Commission. 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. The largest Ponzi scheme in B.

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.

According to PwC, two other properties owned by Martel were sold late last year as part of the asset recovery effort. The heavily redacted records from the financial services authority show on July 8, a complainant told the B. Now, hundreds of investors just want to know if there is any money left and if Martel still has some of it. Featured Flyer. Some investors have accused him of running a Ponzi scheme, which he has denied. 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. Securities Commission spokesman Brian Kladko said in a written statement, referring to its own criminal investigation started after the scheme collapsed. To offset the cost of the vehicle, he rented it to others through the app Turo. Missing millions and distraught investors: Case involving B. Thanks for signing up! In fall , investors who had poured hundreds of millions of dollars into short-term loans with mortgage broker Greg Martel were nervous.