Tuesday, May 16, 2023

Gregory Martel - millions gonzo - update

The number of investors ripped off by Gregory Martel is unknown, but 500 people attended an investors virtual meeting organized by receiver PricewaterhouseCoopers (PwC). The news was grim. Investors were told to expect a complete wipe out from an imploding Ponzi scheme. Gregory Martel is in parts unknown.
Victoria mortgage broker Gregory Martel is facing multiple lawsuits that claim he owes more than $27.5m. Martel’s lawyer says: "The defendant has not wrongfully handled, misappropriated, embezzled, disposed of, or destroyed the plaintiffs’ monies."

Martel is out of the top chair of his own company after the B.C. Supreme Court appointed a receiver. PricewaterhouseCoopers 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 Those same accounts had $58 million deposited and withdrawn over the past six months, with no explanation evident to the receiver.

Martel and his company have been hit with 11 civil lawsuits from burnt lenders.
See ----->https://www.pwc.com/ca/SYO-ShopYourOwnMortgage