A court appointed receiver says former Victoria mortgage broker Greg Martel was operating a “massive Ponzi scheme” that defrauded investors of almost $270 million.
Investors had plowed money into a company run by Martel that was supposed to be providing bridge loans for mortgages. But the court filing called it a Ponzi scheme, saying that no actual bridge loans were ever made and when investors needed to be paid out, Martel’s company just used money from new investors.
The document also says those investors are unlikely to get anything back from Martel or the the company that he owned, My Mortgage Auction Corp. , also known as Shop Your Own Mortgage. The document goes on to say he has not cooperated at any time since the start of the receivership and bankruptcy proceedings.
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