Victoria mortgage broker denies Ponzi scheme as investors learn distressing details about …

In a statement emailed to CBC, mortgage broker Greg Martel denied he is running a Ponzi scheme. (Greg Martel/Facebook – image credit)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 bridge loans as investments. For example, court documents showed one deal that promised a return of 16 per cent on an eight-week investment of $50,000, returning $8,000 in interest.The receivership was granted at the request of an Alberta numbered company that claims MMAC and Martel owe it over $17.6 million dollars.The number of investors caught up in the scandal is unclear, but on Friday, over 500 people attended an investors virtual town hall organized by receiver PricewaterhouseCoopers (PwC). As court-appointed receiver, PwC is
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