The B.C. mortgage broker denies it was a Ponzi scheme. Investors claim they are owed $312 million. A bankrupt Martel is now wanted on an arrest warrant and was last seen in Thailand.
In fall 2022, investors who had poured hundreds of millions of dollars into short-term loans with mortgage broker Greg Martel were nervous.
They had been collecting high returns on the basis that their money was pooled to provide
bridging loans for real estate development, often for less than 90 days, to allow projects to secure permanent financing or pay off a current loan.
Many investors were rolling over their money, and sometimes collecting their interest.
But when there were delays in payments and some investors started calling for their principals to be returned, Martel balked and asked for more time.
“I was desperate for the repayment … as my financial situation was…
