The Victoria mortgage broker at the centre of a growing financial scandal says he’s not running a Ponzi scheme even though gloomy investors heard details Friday that their missing money is likely gone for good.
In a statement emailed to CBC, Greg Martel said his company My Mortgage Auction Corp. (MMAC) has “… the ability to enable all investors to recoup their investments.”
“As you know, on May 4, My Mortgage was placed into receivership,” he said. “That is regrettable, but My Mortgage is not insolvent nor, as has been alleged, is it a Ponzi scheme.”
Martel is the sole director of MMAC which sold high interest
