Victoria mortgage broker facing multiple lawsuits has licence suspended
An embattled mortgage broker from Victoria has had his licence to practice in B.C. suspended by the BC Financial Services Authority (BCFSA).
The regulatory agency says Gregory Martel, owner of Shop Your Own Mortgage (SYOM), can no longer conduct any mortgage broker activity in the province, effective immediately.
"BCFSA took this step after investigators obtained evidence indicating that Martel and SYOM had conducted business in a manner prejudicial to the public interest," said the agency in a release Wednesday.
Martel is facing multiple lawsuits from investors, including one that says the Victoria mortgage broker owes an Alberta company $17 million.
Earlier this month, his company Mortgage Auction Corporation – which oversees Shop Your Own Mortgage – was placed in receivership by the B.C. Supreme Court.
The BCFSA says that while none of the claims made against Martel and SYOM have been proven in court, it suspended his ability to operate in the province "on an urgent basis after BCFSA determined the length of time required to conduct an investigation or hold a hearing while Martel and SYOM remain registered to provide mortgage broker services would present a significant risk to the public."
In its reasons for the suspension, the BCFSA also noted that it was told by the Victoria Police Department that it was investigating Martel.
With files from CTV News Vancouver Island's Brendan Strain
CTVNews.ca Top Stories
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
WHO likely to issue wider alert on contaminated cough syrup
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
WATCH Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
Canada, G7 urge 'all parties' to de-escalate in growing Mideast conflict
Canada called for 'all parties' to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
After COVID, WHO defines disease spread 'through air'
The World Health Organization and around 500 experts have agreed for the first time on what it means for a disease to spread through the air, in a bid to avoid the confusion early in the COVID-19 pandemic that some scientists have said cost lives.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.