Trustee concludes Greg Martel ran a massive Ponzi scheme

Victoria mortgage broker Greg Martel was running a massive Ponzi scheme and investors who are out more than $317 million will never see a dime of that money, which Martel never used to make bridge loans as promised.

The report explains the causes of the bankruptcy and Martel’s conduct. It pulls no punches and makes clear that investors and creditors are not getting any of their money back. “Martel orchestrated a massive Ponzi scheme through MMAC and raised over $270 million from investors on false pretences which has resulted in claims from at least 930 investors totalling more than $317 million,” the report said. “The trustee does not expect that the investors will receive any recovery from the bankruptcy estates of Martel or MMAC.

The report accuses Martel of committing a number of offences under the Bankruptcy and Insolvency Act including concealing documents, obtaining credit or property by false representation and concealing property.Some money was recovered from the sale of three Martel properties. Martel’s Las Vegas property was sold for $5.1 million US — enough to pay off an RBC mortgage estimated at about $3.84 million US.

Source: Loan News Today (loannewstoday.net)

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