Greg martel

Financial Services Authority and the B. Securities Commission in early and mid, greg martel, 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 greg martel regulators had dug deeper maybe investors could have saved tens of millions of dollars.

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.

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.

Martel said, greg martel. The complainant had also claimed that a representative of the company the name is redacted may not be able to do this type of investment.

Want to know keep up-to-date on what's happening in Victoria? Subscribe to our daily newsletter:. The comments can be heard in six new recordings obtained and verified by Capital Daily. Stay connected to your city with the Capital Daily newsletter. He is currently wanted in Canada and the U. In the carSHAiR meetings, Martel criticized employees by name and pondered giving the entire team a month of unpaid vacation while his engineers fixed the app. At one point, Martel compared tensions between himself and his staff to China and Russia.

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.

Greg martel

Martel is the sole director of My Mortgage Auction Corp. Chief among creditors is an investor identified as Alberta Ltd. Last week at a virtual town hall for investors, PwC vice president Neil Bunker delivered sobering news to the people tuning in: not only are Martel's whereabouts uncertain, investigators have yet to locate the missing millions or proof the investments were real. The big mess of a case returns to B. Supreme Court in Vancouver for a two-day hearing starting Wednesday. Earlier court dates have taken place ex parte, meaning without Martel's participation or legal representation, although Vancouver lawyer Ritchie Clark told the court last week he was in the process of being retained by Martel. CBC spoke to five investors, four of whom didn't want to be named. All said they heard about Martel from a friend who had made money, which gave them confidence. Single mother Gayle Morrell said she learned of Martel from a friend whose accredited financial planner recommended investing with him.

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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. The Las Vegas property is being sold to Kirk and Janette Mendez, who had also filed a claim on the home. SYOM was supposedly in the business of pooling investor money to provide short-term bridge loans to real estate developers. When he was living in California, his new Maserati GT coupe was stolen and damaged. Refinery in Burnaby, B. Parikh said he had worked hour days, as well as weekends. In fall , investors who had poured hundreds of millions of dollars into short-term loans with mortgage broker Greg Martel were nervous. Police seize 27 tonnes of contraband smokes linked to organized crime. Bunker said previously that the absence of company records point to the concept that SYOM was a Ponzi scheme orchestrated by Martel. He then stepped into the mortgage brokering business, receiving his licence in December In that file, a complaint on Feb. Many investors were from the Victoria area, other parts of B.

A bankruptcy judge in California has issued a detention order calling for alleged Ponzi artist Greg Martel to be taken immediately into custody by the U. Marshals Service, assuming he can be located in the country.

The outcome of the financial services investigation, completed on Jan. A Ponzi scheme is where people hand over money believing it will be used in legitimate investments, often with the promise of large returns. I consent to receiving emails from the Capital Daily. Advertisement 4. Supreme Court at the end of August and there are warrants for his arrest in Canada and the U. We encountered an issue signing you up. View more offers. The Mendezes paid Martel for the year upfront but court documents say it appears he absconded with all the money. Postmedia also filed a freedom of information request for securities commission records of complaints related to Martel and his companies back to In the more recent offerings to investors to provide money to pool for the bridge loans, staggering short-term returns were tendered. Capital Daily Newsletter. Martel, 47, had been a mortgage broker since in Victoria.