“Everybody’s going to get paid.”
Those words have been spoken more than once by Greg Martel, the Victoria mortgage broker, who has been accused of running his business like a Ponzi scheme and who owes over $226 million to hundreds of people who bought investments that — according to documents — may not have actually existed.
Martel is the sole director of My Mortgage Auction Corp. (MMAC), which did business as Shop Your Own Mortgage (SYOM). Chief among creditors is an investor identified as 1548199 Alberta Ltd., who claims in a civil suit to be owed a staggering $17.6 million. Two weeks ago, MMAC and Martel were placed into court-appointed receivership overseen by PricewaterhouseCoopers.
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