Over 400 concerned investors — some who fear they have lost their life savings — attended B.C. Supreme Court in Vancouver Tuesday to follow proceedings in a case one claimant has described as a “Ponzi-like investment scheme.”
Victoria, B.C., mortgage broker Gregory Joseph Martel and My Mortgage Auction Corp. (MMAC), which also does business as Shop Your Own Mortgage, are at the centre of the case. Martel is sole director of MMAC and sells mortgage investments promising high rates of return.
Martel and his company have been hit with numerous lawsuits from individuals and businesses. On May 4, MMAC was put into a receivership
