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B.C. Securities Commission confirms investigation into Greg Martel

The commission has confirmed it is gathering information from anyone who has been involved with Greg Martel鈥檚 companies Shop Your Own Mortgage and My Mortgage Auctions Corp.
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Victoria mortgage broker Gregory Martel VIA FACEBOOK

The B.C. Securities Commission has confirmed it is in the midst of an investigation of Victoria mortgage broker Greg Martel.

The commission, which had not previously commented on the case, has confirmed it is gathering information from anyone who has been involved with Martel’s companies Shop Your Own Mortgage and My Mortgage Auctions Corp.

The commission has launched an that asks investors about their net worth, how they invested in Martel’s companies, how much they invested in the companies, if they ever received payment from Martel, if they ever had face-to-face contact with Martel or one of his representatives, and if they were ever offered a prospectus or offering memorandum before investing.

The information is being gathered by the commission’s Criminal Investigations Branch, which investigates potential quasi-criminal offences under B.C.’s Securities Act and criminal offences under the Canadian Criminal Code.

The investigation could lead to administrative proceedings before the commission.

The investigation will run alongside the investigative work of PricewaterhouseCoopers, the receiver overseeing the bankruptcy proceedings of My Mortgage Auction.

The receiver continues to look for that company’s assets, Martel’s assets and the assets of several other related firms that Martel controlled.

More than 1,200 investors, who are out more than $226 million after entrusting their savings to Martel, have already been told there’s been very little money found through the first two months of the receiver’s inquiries.

The receiver’s fourth report into Martel’s activities makes it clear Martel has been evasive when it comes to answering direct questions about where the money was invested and has not ­co-operated fully with the receiver’s investigation.

The receiver has been ­digging to find out what happened to about $226 million that investors sank into Martel’s company My Mortgage ­Auction Corp. to fund short-term bridge loans for commercial and ­residential real estate deals. The money was to be repaid with high interest.

Many of the ­investors claim they have been waiting months for repayment.

The receiver has set the first meeting of creditors of My Mortgage Auction for July 26 in Vancouver.

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.

The most recent statement of property shows the trustee now has control of just $292,586 between funds that are being held by the court and cash on hand already recovered.

Filed documents suggest My Mortgage has no real estate, no bills of exchange or promissory notes and no one owes it any money.

The money the trustee does have is already spoken for. PricewaterhouseCoopers is owed $300,000 for its services so far, while Royal Bank and My Mortgage employees, both considered secured creditors, are claiming $20,200 and $40,000 respectively.

PricewaterhouseCoopers is continuing to investigate Martel’s financial dealings along with his companies Shop Your Own Corp., Martel Investments, 2289548 Alberta Ltd., Shair Your Car, Snail Team One, Snail Team Six, G&G Discount Merchandise and Martel Capital.

It has moved to freeze bank accounts and assets Martel may have.

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