The Victoria mortgage broker who owes investors almost a quarter billion dollars has been suspended by the Crown regulator of financial services, citing a lack of honesty, integrity and professionalism.
Greg Martel and his company Shop Your Own Mortgage are the subjects of numerous civil claims and court-ordered receivership proceedings trying to untangle the mystery of what happened to $226 million in missing investor funds.
According to the B.C. Financial Services Authority (BCFSA) decision, a preliminary investigation into Martel indicates he “…misappropriated millions of dollars of bridge loan investment funds for personal benefit, failed to fulfil the terms of investment agreements, continued to seek new investments after already defaulting on existing
This story was originally published on CBC News. To read the rest of this news worthy story, please visit https://www.cbc.ca/news/canada/british-columbia/victoria-mortgage-broker-suspended-1.6861282?cmp=rss.