PricewaterhouseCoopers believes that Martel, the sole director of My Mortgage Auction Corp, is guilty of contempt of court for his lack of cooperation.
Over the past few months, as various regulators and investigators have continued to uncover the full extent of Greg Martel's businesses, assets, and debts, they have done so with practically no cooperation from Martel himself.
Martel's whereabouts have been unknown since the allegations first became public, and although he has communicated with PwC, he has been almost unreachable, has provided little factual information, and has even lied to PwC about where the money he received from investors currently is, as wasPwC was appointed as the Receiver on May 4, and according to PwC Senior Vice President Neil Bunker, in an affidavit dated August 30, Martel was required to provide an affidavit outlining the...
Bunker says Martel was also non-compliant with the receivership order that was amended on May 17 to authorize PwC to assign MMAC into bankruptcy, and to direct Google to turn over all emails and data it had regarding MMAC. As part of that receivership order, Martel was also required to provide information regarding the bridge loans recorded in MMAC's financial statements.
In July, Martel's counsel later communicated with PwC that they were concerned the request for Martel to provide the required information "could result in Mr. Martel placing himself in jeopardy," PwC said. "At that time, counsel for Mr. Martel indicated that, until the protection of Mr. Martel's right against self-incrimination was addressed, they were unable to provide more documents.
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