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

PM Trudeau apologizes for Parliament's recognition of Nazi veteran during Zelenskyy visit
Prime Minister Justin Trudeau offered 'unreserved apologies' Wednesday for Parliament's recognition of a man who fought for a Nazi unit during the Second World War and said the Canadian government has reached out to Ukrainian President Volodymyr Zelenskyy in the wake of the incident.
Feds, Quebec set to make major EV battery production announcement Thursday
The governments of Quebec and Canada are set to make a major announcement about the electric vehicle manufacturing supply chain, and rumours have been swirling for weeks a Swedish battery developer and manufacturer could be setting up shop in McMasterville, which is about 30km from Montreal.
IED believed to be on vehicle in Barrie, Ont. parking lot explodes, sparking evacuations and road closures
Police have locked down and evacuated a section of Barrie, Ont., Wednesday morning in the city's west end amid unconfirmed reports of an explosion.
Judge Chutkan denies Trump's request to recuse herself in federal election subversion case
U.S. District Judge Tanya Chutkan said Wednesday she won't recuse herself from Donald Trump's 2020 election interference case in Washington, rejecting the former president's claims that her past comments raise doubts about whether she can be fair.
Researchers say action could have prevented thousands of premature cancer deaths in women in 2020
Prevention could have prevented nearly seven in 10 premature cancer deaths among women worldwide in 2020, new research has found.
These magnetic building blocks are being recalled due to an ingestion hazard: Health Canada
Some magnetic building blocks are being recalled by Health Canada as they do not meet the magnetic force requirements and pose ingestion hazards for children.
Hyundai, Kia recall over 600,000 cars in Canada, drivers told to park away from buildings due to fire risk
Hyundai and Kia have issued a recall for several vehicle models and are urging drivers to park away from buildings due to the risk that the issue could start a fire.
Over 50 arrested after mobs ransacked Philadelphia stores. Dozens of liquor outlets are shut down
Dozens of people faced criminal charges Wednesday after a night of social media-fueled mayhem in which groups of thieves, apparently working together, smashed their way into stores in several areas of Philadelphia, stuffing plastic bags with merchandise and fleeing, authorities said.
'ET Canada' cancelled by Corus Entertainment, blames 'challenging' advertising market
The studio lights are going dark at 'ET Canada.' Corus Entertainment says it has decided to cease production on the long-running Canadian arts and entertainment news magazine after 18 seasons.