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
BREAKING Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
'Nobody should be getting away with murder': Grieving mother speaks out after son killed in North Preston, N.S.
A grieving mother is speaking out after her 36-year-old son was shot and killed in North Preston, N.S., Wednesday night.