Greater Victoria’s Gregory Martel and his company My Mortgage Auction Corp. — doing business as Shop Your Own Mortgage — have been suspended from acting as mortgage brokers.
The financial services authority said it determined that the time it would take to complete an investigation or a hearing while Martel and the company were still registered under the Mortgage Brokers Act would “present a significant risk to the public.” Martel first registered as a submortgage broker in December 2006. Shop Your Own Mortgage was also registered as a mortgage broker, with an expiry date of Dec. 5 of this year.Concerns included Shop Your Own Mortgage issuing T5s listing interest on an investment, when the client had not, in fact, received any interest. Investors said the company failed to pay interest or return investments as promised.