Tuesday, October 17, 2023

Gregory Martel - $293 million gonzo - update VII

The granting of an order in California allows trustee PricewaterhouseCoopers to act in the U.S. as it has been in Canada. It precludes anyone other than PwC from transferring, selling or encumbering any of Martel’s U.S. assets. Martel’s Las Vegas property, which was transferred to Daniel Castellini, will be part of assets. U.S. courts recognize a bench warrant issued by the B.C. Supreme Court and directed that Martel, should he return to the U.S., be arrested. Martel reportedly left Thailand August 30.
Greg Martel transferred a US $5.6m Las Vegas property to Daniel Castellini, 47, on August 29, 2023. The property transfer was notarized by “audio-video communication” from Thailand. Martel also gave Castellini two Teslas and $300k. Castellini met Martel through his fiancé, an employee of Martel’s.
Castellini began investing with Martel in Dec 2022. By Feb 2023, he was unable to get payouts. In June 2023, Castellini and four others filed a $2m lawsuit against Martel in Nevada. Martel’s Las Vegas residence on Quiet Moon Lane has $1.8m in equity.
Thieving K9 Gregory Martel has been found guilty of contempt of court. A warrant has been issued for his arrest. A judge ruled that Martel is guilty of contempt after breaching court orders that required him to provide information to the receiver overseeing his bankruptcy proceedings. The receiver overseeing Greg Martel and his ponzi scheme My Mortgage Auction petitioned the court to have Martel held in contempt. PricewaterhouseCoopers says it has been stymied by the heinous basterd. They are searching for a quarter of a billion and found $330k. The steal is $293m owed to 855 investors. Where precisely Gregory Martel is now isn't certain. It probably isn't Canada.
Conman Gregory Martel sent a bizarre email to court appointed receiver PwC. In it he gives the reason he hasn't complied with court orders to provide banking information and documents. He references the FBI and threatens to ... "file charges to PwC and a formal complaint to the judge." 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 any information demanded by the court. Martel and his companies have been hit with 11 civil lawsuits and counting from burnt lenders. In excess of $226m is owed to 1,200 investors. PwC has control of $292,586.
After giving us the immortal "The defendant has not wrongfully handled, misappropriated, embezzled, disposed of, or destroyed the plaintiffs’ monies." lawyer Ritchie Clark told the court he terminated his retainer with Gregory Martel for 'ethical reasons'. On the 4th receivership hearing everything Martel owned has been petitioned into bankruptcy.

The receiver has no clue where Martel is.
500 attended an investors virtual meeting by receiver PwC. The news was grim. Investors were told to expect a complete wipe out from an imploding Ponzi scheme. Martel is out of the top chair of his own company after the B.C. Supreme Court appointed a receiver. PwC took over My Mortgage Auction Corp., dba Shop Your Own Mortgage. Martel started his scheme in 2016. A report noted only $273 was in Royal Bank of Canada accounts. Those same accounts had $58m deposited and withdrawn over the past six months, with no explanation evident.