Capital Daily for Friday, June 5

Greg Martel, the fugitive behind a Victoria-based Ponzi scheme, has reportedly been arrested in the country of Georgia, according to a report by CHEK News. Global Affairs Canada confirmed awareness of the arrest of a Canadian citizen in Georgia, and CHEK cited sources identifying Martel as that individual.

Martel's Victoria-based brokerage company, My Mortgage Auction Corp. (MMAC), was put in receivership in 2023. He had been on the run since then, having stayed in Thailand before being deported, with reports suggesting he subsequently went to the UAE. He has not been criminally charged in Canada, but warrants for his arrest have been issued both in Canada and the US.

Court-appointed receiver and trustee PricewaterhouseCoopers (PwC) determined that between 2018 and 2023, more than 1,700 investors gave Martel more than $300M to invest through MMAC, under the belief the money was going into real estate to fund bridge loans for developers. PwC found that no such loans existed, and that the money was instead used to support Martel's lavish lifestyle and to make catch-up payments in what was a Ponzi scheme.

PwC accountants calculated that Martel brought in $301M but paid out only $210M. Of the investors, 480 came out ahead while the remaining 1,229 suffered heavy losses.

Volunteers from Climate Justice Victoria (CJV) and Seniors for Climate Victoria are gathering this afternoon along the car-free stretch of Government Street between Broughton and Fort to honour World Environment Day and to help "break through the climate silence." The groups will be at tables from noon until 4pm, hoping to have a dialogue with passersby and to inform them about climate issues.

CJV spokesman Eric Doherty told Capital Daily that many people are worried about climate change but feel others don't want to discuss it. He also expressed frustration that governments elected on promises of climate action are instead directing billions of dollars in subsidies toward fracking gas export terminals and LNG terminals.

The groups noted that it has been five years since the June 2021 heat dome that killed at least 1,400 people in North America, including more than 600 in BC, and they are calling on the federal government to take a stronger stance on climate change.