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Disgruntled investors begin class action against alleged Victoria fraudster

Three men have initiated a class-action lawsuit in B.C. Supreme Court, accusing Greg Martel, a former mortgage broker from Victoria, of operating a fraudulent investment operation.
The scheme involved more than $300 million invested by over 1,800 individuals nationwide, who were misled into believing their money was tied to short-term bridge loan opportunities.
PricewaterhouseCoopers, acting as receiver, determined that no valid bridge loans were issued; instead, funds from new investors were used to repay previous investors, while substantial amounts were redirected toward unsuccessful projects and Martel’s personal expenses.
Between 2018 and 2023, Martel’s personal spending amounted to $3.1 million on travel expenses, including private plane charters, an equal amount on purchasing vehicles, and $1.1 million spent on renting multiple residences; additionally, he failed to cooperate with the receivership process.
The plaintiffs allege RBC neglected monitoring duties under anti-money laundering laws and BCFSA failed to investigate complaints, allowing the fraud to continue, and they seek damages for 1,229 investors’ financial losses.

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