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BCFSA Cancels Licence of Former Mortgage Broker, Gregory Martel
BC Financial Services Authority has permanently cancelled the mortgage broker registration of Gregory Martel and his business, Shop Your Own Mortgage. Martel has been temporarily banned from acting as a mortgage broker since BCFSA issued an urgent order in 2023.
Following a hearing, BCFSA determined that Martel’s bankruptcy and contempt of court findings in BC Supreme Court rendered Martel and My Mortgage Auction Corp, also known as Shop Your Own Mortgage (“SYOM”), unsuitable for registration as a mortgage broker. Martel did not participate in this hearing despite being eligible to do so.
BCFSA’s investigation into Martel and SYOM started in early 2023, after it received several complaints. BCFSA immediately opened an investigation into the activities within its jurisdiction – Martel’s mortgage service activities. At that same time, BCFSA was informed by the Victoria Police Department that a criminal investigation into Martel and SYOM had also been initiated.
Background
In 2017, BCFSA (the Financial Institutions Commission at the time) received a complaint regarding Gregory Martel and SYOM. A second complaint was received by BCFSA in 2021.
BCFSA conducted investigations into both complaints and determined, based on the evidence, that there was no breach of requirements under the Mortgage Brokers Act (“MBA”). In these instances, BCFSA referred both the matter and the complaints to the BC Securities Commission (“BCSC”).
In early 2023, BCFSA received additional complaints regarding Gregory Martel and SYOM and opened a new investigation into potential non-compliance with the MBA. BCFSA referred potential securities related issues to BCSC and was also informed by the Victoria Police Department that a criminal investigation into Martel and SYOM had been initiated.
On May 31, 2023, BCFSA issued an urgent order suspending Martel from acting as a mortgage broker while BCFSA continued its investigation.
In June 2023, BCSC announced that its Criminal Investigations Branch was investigating SYOM and invited people to provide information about their involvement via an online form. That investigation is continuing.
BCFSA completed its investigation and held a hearing in September 2024. The hearing resulted in permanent licence cancellation for Martel and SYOM, effective March 13, 2025.
More Information
- Gregory Joseph Martel & My Mortgage Auction Corp. dba Shop Your Own Mortgage — Decision on Liability and Penalty
- Suspension Order Issued Against Gregory Joseph Martel and My Mortgage Auction Corp – News Release
- Gregory Joseph Martel and My Mortgage Auction Corp, dba Shop Your Own Mortgage – Suspension Order Reasons
- Gregory Joseph Martel & My Mortgage Auction Corp. dba Shop Your Own Mortgage – Notice of Hearing
About BCFSA
BC Financial Services Authority (“BCFSA”) is the province’s regulator for the financial services sector that helps to protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, real estate development marketing, and money services. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). BCFSA’s mission is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection.
Media Contact
Candace Jones
Director, Communications
media@bcfsa.ca
Visit: www.bcfsa.ca
