BCFSA revokes licence of Gregory Martel, who reportedly misused investor funds and fled Canada
British Columbia’s financial regulator has permanently revoked the licence of a former mortgage broker who allegedly ran a massive Ponzi scheme and fled the country as it began to collapse.
The BC Financial Services Authority (BCFSA) confirmed that both Gregory Martel and his company, My Mortgage Auction Corp. (also known as “Shop Your Own Mortgage”) are no longer licensed to operate in the province. The permanent cancellations follow an emergency suspension first issued in May 2023.
In a March 13 decision published this week, BCFSA hearing officer Andrew Pendray wrote that neither Martel nor his company appeared for the hearing.
“I consider the evidence to show that Mr. Martel, and as a result SYOM, have intentionally made themselves unavailable for the hearing of this matter,” Pendray wrote. “In my view, the respondents have been provided with ample opportunity to be heard in this matter, and have simply elected to not participate in it.”
The ruling noted that Martel was found in contempt of court in September 2023 and has not been located by police or participated in any ongoing civil proceedings since. Martel and his company were declared bankrupt last year, and PwC was appointed trustee for both the personal and corporate proceedings.
Martel was temporarily banned from acting as a mortgage broker since BCFSA issued an order in 2023.
In its findings to the BC Supreme Court, PwC alleged that Martel’s company was operating as a “massive Ponzi scheme.” The trustee’s report revealed that investor funds were used for Martel’s personal benefit, including expenses for private jets, luxury rentals, vehicles, and escrow payments.
Read more: BC securities watchdog launches criminal probe on Victoria-based broker
“Simply put, the evidence and information before me suggests that Mr. Martel and SYOM cannot be trusted to assist their clients in making sound financial decisions, or to handle funds in an honest way,” Pendray stated in his decision.
Martel is believed to have left Canada before receivership proceedings began. PwC reported that he was living in Thailand until being deported in August 2023, after which he travelled to the United Arab Emirates.
BCFSA said it concluded its investigation into the matter in September 2024. The case has also drawn attention from the BC Securities Commission and the Victoria Police Department, who have each launched separate investigations.
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