B.C. Securities Commission launches dedicated inquiry form for Shop Your Own Mortgage

B.C. Securities Commission launches dedicated inquiry form for Shop Your Own Mortgage

The Province of B.C. wants to hear from those who were personally involved with Shop Your Own Mortgage (SYOM) or My Mortgage Auction Corp. (MMAC).

The B.C. Securities Commission has launched a special online form probing the public for more information about SYOM and MMAC.

The agency says its Criminal Investigation Branch is seeking information from anyone with any level of involvement with either of the companies — whether they live in the province or not.

Alongside the unconventional query, the BCSC has also launched a dedicated frequently asked questions page to shed some light on the situation.

In it, the agency clarifies that this inquiry is being carried out independently of the ongoing receivership that is being conducted by PricewaterhouseCoopers (PwC) and that its efforts are being carried out for an entirely different purpose.

Those who have previously submitted information to PwC are being told that they can resubmit that information to the BCSC.

At a glance, the questionnaire asks users to submit information regarding their financial dealings with the SYOM and MMAC and how they carried out their correspondence with the company.

The BCSC maintains that it can neither speculate on the outcome or comment on the nature of the investigation, but it does mention that there is a “possibility that the investigation could lead to administrative proceedings before the BCSC.” While staying tight-lipped on specifics, this acknowledgement clearly indicates that the BCSC is prepared to take action where it can.

“Generally speaking, if the Criminal Investigations Branch obtains sufficient evidence, it may make a referral (including the evidence obtained) to the BC Prosecution Service to assess whether or not charges should be laid under the BC Securities Act or the Canadian Criminal Code,” reads the FAQ page.

Earlier this month, the lawyer representing Greg Martel, the head of the two companies, quit — saying he could not continue to provide his counsel due to “ethical reasons.”


Roger CollinsRoger Collins

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