The Fall of Greg Martel and the Hunt Across Continents
Greg Martel's alleged $300 million Ponzi scheme shocked Canada. Here's the latest on his reported arrest, international movements, and investor fallout.
Financial Crimes
✍️ By Debbie Balfour | Langley News | June 8, 2026
From Luxury Living to International Manhunt
Few financial scandals in Canadian history have captured public attention quite like the collapse of Greg Martel's mortgage empire. Once viewed as a successful British Columbia mortgage broker and entrepreneur, Martel now stands accused of orchestrating one of Canada's largest alleged Ponzi schemes, leaving more than 1,200 investors facing devastating losses.
Martel was the founder and sole director of My Mortgage Auction Corp. (MMAC), operating under the brand Shop Your Own Mortgage. The company attracted investors by promising returns reportedly ranging from 9% to 14% through what were described as short-term bridge loan investments.
According to findings presented during bankruptcy and receivership proceedings, those bridge loans largely did not exist. Court-appointed receiver PricewaterhouseCoopers (PwC) concluded that investor funds were instead being used to pay earlier investors while supporting Martel's lavish lifestyle and other ventures. Court filings indicate that more than $300 million was raised through the operation between 2018 and 2023.
The Collapse Begins
The scheme began unravelling in early 2023 when investors stopped receiving expected payments. Lawsuits quickly followed, and regulators stepped in. By May 2023, MMAC was placed into receivership, and bankruptcy proceedings soon followed.
As investigators dug deeper, Martel's whereabouts became a growing mystery. Reports indicated that he had travelled to Thailand around the time the business collapsed. Court-appointed investigators later told the BC Supreme Court that Martel had repeatedly failed to comply with court orders requiring him to disclose information about company assets and investor funds.
In September 2023, a BC Supreme Court judge found Martel in contempt of court and issued a warrant for his apprehension if he returned to Canada. At the time, investigators believed he was still in Thailand.
Tracked Across the Globe
Over the following years, reports surfaced placing Martel in various international locations. Authorities and investigators continued efforts to determine his whereabouts while attempting to recover assets for creditors and victims.
In a major development reported in June 2026, multiple media outlets indicated that Martel had been arrested in the country of Georgia after remaining outside Canada for nearly three years. Legal experts note that extradition proceedings could prove complex, particularly as criminal charges in Canada remain under review.
What Happens Next?
The financial damage remains staggering. Court documents estimate that more than 1,200 investors were affected, with losses reaching into the hundreds of millions. Meanwhile, trustees continue efforts to recover funds and pursue clawback actions against individuals who received profits from the scheme.
The Greg Martel saga serves as a powerful reminder that investments promising unusually high returns with little risk deserve intense scrutiny. For many victims, the reported arrest represents a significant step toward accountability, but the path to financial recovery remains uncertain.
As legal proceedings continue, investors across Canada will be watching closely to see whether one of the country's most notorious alleged financial fraud cases finally reaches its next chapter.
Debbie Balfour | Real Estate Investing Success Coach + Podcast Host
📍 Website: www.DebbieBalfour.com
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