Victoria mortgage broker Greg Martel has been found guilty of contempt of court and a warrant has been issued to have him apprehended.
Since PricewaterhouseCoopers took control of Martel’s My Mortgage Auction Corp. in May, Martel, who appears to be out of the country, has been uncooperative, refusing to answer questions about finances and business operations and to offer even the most basic information about the bridge-loan investment scheme most of his investors believed they were involved with.
“The receiver’s done everything they can, and unfortunately, we’re here on a contempt application. There’s nothing else the receiver can do,” Rubin said, adding the receiver wanted the contempt order to be shared with as many policing authorities as possible. Fitzpatrick said the focus of the proceedings since early May has been on determining what assets might be available for stakeholders or investors, but despite the best efforts of the receiver very little has materialized. She noted that at every turn Martel has refused to cooperate, and knew he was defying court orders. “It is abundantly clear to me that the receiver has made substantial efforts to not only provide clarity to Mr.
Because there is no money available, Fitzpatrick approved a $600,000 funding agreement that will see the receiver borrow $600,000 from Robert Bertram and his company 1548199 Alberta Ltd. to pursue proceedings in the U.S. to secure control of Martel’s Las Vegas home. Bertram’s company initially brought the Martel case to court claiming it is owed $17.6 million.
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