Victoria mortgage broker Gregory Martel’s licence has been suspended by the BC Financial Services Authority (BCFSA) after he demonstrated what the agency calls a lack of sufficient honesty, integrity and professionalism.
Martel owns Shop Your Own Mortgage (SYOM) and is the subject of multiple civil claims.
“BCFSA took this step after investigators obtained evidence indicating that Martel and SYOM had conducted business in a manner prejudicial to the public interest,” said the agency in a release.
The agency said in a filing that the preliminary results of its investigations into Martel have indicated that he misappropriated “millions of dollars” of bridge loan investments funds for personal benefit, failed to fulfill the terms of investment agreements, continued to seek new investments after already defaulting on existing loans, and failed to comply with multiple orders of the B.C. Supreme Court.
The claims made against Martel haven’t been proven in court.
ALSO READ: Speeding Ferrari impounded on the Malahat