My Mortgage Auction Corp (MMAC) is owned by Greg Martel, a “formerly accredited" mortgage broker who has been doing business in Canada and the USA. For years, Mr. Martel has been seeking out investors to invest in private real estate lending opportunities (bridge loans), with his own personal guarantee to safeguard investors’ funds. BC Financial Services Authority (BCFSA) 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.
Over 2000 investors were issued fraudulent T5 slips from Mr. Martel and are now facing tax implications and are burdened with paying enormous taxes on money they never earned or received. At this time there is an open investigation into SYOM/MMAC with the BC Securities Commission who would be responsible for laying criminal charges.
My NDP colleagues MP Randall Garrison of Esquimalt-Saanich-Sooke and MP Laurel Collins of Victoria and I have called on the Minster of National Revenue Honourable Diane Lebouthillier to take exceptional actions to address these issues including:
- The designation of a CRA liaison who is assigned specifically to this issue.
- The creation of a specific contact number through which our affected constituents can speak directly with CRA agents.
- The assignment of a specialized group of assessors assigned to the numerous MMAC appeals that are being submitted so they can be addressed promptly and uniformly.
- The rescindment of all fraudulent T5s submitted by MMAC throughout its operation (2007 – 2023) and a reassessment of those returns.
You can read the full letter here.