Victoria mortgage broker ran Ponzi scheme, trustee finds

At least 930 creditors have filed claims against Greg Martel amounting to $317 million.PricewaterhouseCoopers says an analysis indicated that Greg Martel's company My Mortgage Auction Corp. operated as a Ponzi scheme. Bankruptcy proceedings for disgraced Victoria mortgage broker Greg Martel found he was operating a "massive" Ponzi scheme that helped fund a lavish lifestyle.

PwC found that the bridge loans Martel was selling never existed. Instead, money given to Martel was used to pay off earlier investors, channeled into his other companies, or used to cover significant operating expenses in a five-year period from 2018 to 2023. Martel attracted investors by promising sky-high rates of return, sometimes as high as 100 per cent on an annualized basis.

Source: Loan Digest (loandigest.net)

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