May 12 - 1,229 lost money with local broker

Good morning !

We hope you had a good weekend—especially all you mothers out there. Today we have an update on the ongoing financial fiasco that has been called the largest Ponzi scheme in BC history. We also have some lighter items rounding up local matcha drinks and visiting ships.

— Cam

Today’s approx. read time: 5 minutes

🌡️ Weather Forecast

Today: ⛅ 18 / 9

Tomorrow: ⛅ 16 / 10

Wednesday: 🌦 15 / 9

7-day forecast

NEWS

Class action proposed over former Victoria broker’s alleged Ponzi scheme

Three men who are owed about $160K by Greg Martel have filed a suit that, if certified, would include 1,229 investors who lost money with Martel. Also named in this BC Supreme Court Civil claim are Martel's company as well as Royal Bank of Canada and the British Columbia Financial Services Authority (BCFSA), which is the Crown's regulatory agency for financial services in BC.

The plaintiffs' representatives argue that those latter two were the parties processing and overseeing this investment process, and gave it credibility. As of last week, no defendants had filed official responses; the claims have not been proven or tested in court.

Martel remains abroad & in contempt of court

Martel, accused of defrauding investors, is now lying low abroad and was believed to be in Dubai as of last fall. Canadian and US warrants are out for his arrest; the court has imposed bankruptcy and found him in contempt, but has not yet filed criminal charges.

Investors lost $91M in aggregate

PriceWaterhouseCoopers, the receiver appointed to handle the case, has determined that Martel brought in $301M but only paid out $210M, and that 1,229 investors lost more than they made while 480 investors made more than they lost. That latter group is subject to having their gains clawed back to help pay back those who lost money.

Martel's company's licence now permanently cancelled 

This spring the BCFSA permanently cancelled the licence, which it originally suspended in 2023. The new suit alleges that the BCFSA conducted investigations into complaints against Martel in 2017 and 2021 which, the plaintiffs say, could have caught the larger scheme if they had been more substantial.

Past updates on Martel saga

There have been multiple Capital Daily stories on Martel, including an exclusive on his conduct at CarSHAiR—which led to numerous workplace toxicity and nonpayment accusations. Further details emerged last fall in Zander Sherman's story for CBC.

⚠️ Capital Bulletin

Rain on the way later this week.

UV Index 6 (high) today.

Meeting today: Colwood committee of the whole. [Calendar / agendas]

Saanich Town Hall tomorrow at Hellenic Community Centre. [Info]

Burnside Tillicum plan public engagement events on Weds. & Thu., with more next week. [Saanich]

Driving today? Check the current traffic situation via Google.

FOOD

The best iced matcha lattes in Victoria

Bright green, boldly earthy, and refreshingly smooth, iced matcha lattes are having a moment—especially as the weather warms up.

While matcha has its roots in centuries-old Japanese tea ceremonies, it’s now become a modern café staple across the globe. In Victoria, where the café scene is thriving year-round, iced matcha lattes offer a balance of tradition and trend: full-bodied, antioxidant-rich, and visually stunning.

Tasting Victoria asked newsletter readers where they go for the best iced matcha lattes in town, and they delivered. Whether you’re a longtime matcha lover or just getting into it, an iced matcha latte is a perfect seasonal sip—and local cafés are stepping up their game with creative twists and high-quality matcha.

Here’s where to find some of the best in the city: Read the list at Tasting Victoria.

WHAT'S OFFSHORE

A busy cruise weekend & a pink ship

Here are this past weekend's vessels:

Off the coast of Colwood: ONE Magdalena, a 2022-built container ship sailing from Tacoma to Vancouver under a Hong Kong flag 🇭🇰. ONE (Ocean Network Express) ships such as this one can typically be recognized by their distinctive bright pink / magenta hulls.

Ogden Point (Sat.): Westerdam, a cruise ship built in 2004 sailing under the flag of the Netherlands 🇳🇱 . Norwegian Encore, a 2019-built cruise ship sailing from Ward Cove, USA under the flag of the Bahamas 🇧🇸. Discovery Princess, a 2022-built cruise ship sailing from Skagway, USA under a Bermuda flag 🇧🇲 .

Ogden Point (Sun.): Norwegian Joy, a 2017-built cruise ship headed to Seattle under a Bahamas flag 🇧🇸. Quantum of the Seas, a 2014-built cruise ship headed to Seattle under a Bahamas flag 🇧🇸.

Today's scheduled cruise ship visits: Royal Princess, Ruby Princess, and Canival Spirit.

Esquimalt: BC Ferries' Coastal Inspiration, launched in 2008, was docked for service. Roald Amundsen, a cruise vessel built in 2019 and sailing under the flag of Norway 🇳🇴, left Esquimalt for Vancouver last week.

Further out from harbour: TS Hong Kong, a container ship built in 2024 and sailing from Prince Rupert under a Marshall Islands flag. 🇲🇭 

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⭐️ Capital Picks

🚪 Open A Door charity art auction begins today online and at Mayfair. Local artists have decorated doors to support Habitat for Humanity Victoria. [Info / auction]

🌿 A busy beaver in North Nanaimo. [Video]

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🗞️ In Other News

Dowler Place seeing successes, and better reception, 4 months in
The hub, which helps people transition off the street, has had 29 residents transition into more permanent housing so far. The site manager with SOLID told Victoria Buzz that neighbourhood reception has also improved as more people learn that it is not a consumption site and focuses on helping to connect people with housing, employment, addiction recovery, and other services. [Victoria Buzz]

Bee swarm season has begun early this year
Swarming happens when an overcrowded hive splits and some bees seek a new home. The president of the Capital Region Beekeepers said that there was a 30% die-off among local bees this winter—much better than the 70% last winter due to the short but severe cold snap. [Saanich News] Read more at Capital Daily to learn what you can do this month to help local pollinators.

Former Nanaimo-area financial advisor embezzled $6M
A recently published settlement deals with $1.6M taken from two “elderly and vulnerable clients” with health issues. The money was taken through various means such as cheques, bank drafts, and e-transfers based on false info, and some was reinvested in an effort to reduce losses. [NanaimoNewsNow]

Motorcyclist found crashed and ‘lying on the ground with beer cans nearby’
Moments after losing control on a bend, sliding onto the sidewalk and then into a bush near Prince Andrew Place, the motorbiker failed a breathalyzer and was suspended 90 days. The driver, 37, had minor injuries but he refused medical attention, police said.

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🗓️ Things to do

🎨 Paint and Cider Night: Sip cider and get creative at Sea Cider’s spring-themed painting nigh. May 15. 6pm. [Info]

🪴 Gorge Park Community Gardens Fundraiser: Celebrate the garden’s 11th year with a plant and bake sale featuring veggie starts, flowers, home baking, live music, and garden tours. May 18. 2pm. [Info]

🧬 From Cell to Civilization - Professor Alice Roberts: Acclaimed anthropologist and broadcaster explores what it means to be human. Royal Theatre. Tonight. 7:30pm. [Info]

🎤 Trivia Monday at 5th Street Bar and Grill: Test your knowledge and grab a bite. 7:30pm. [Info]

🧠 Monday Trivia at Christie's Pub: Today. 7:30-10:30pm. [Info]

👀 In Case You Missed It

Our stories of Island mothers and grandmothers. [Capital Daily]

Saturday news: Bird Week begins in the “birding capital in Canada.” No change in Vic pot shop staffing bylaw. School scare over cardboard box. [May 10]

Red Dress Day march last weekend for Missing & Murdered Indigenous Women, Girls, and Two-Spirit People. [Colin Smith photos]

Federal election: Recounts ongoing with Liberals currently at 170 seats. [CBC]

Lapu Lapu festival victims’ identities confirmed. [Canadian Press]

Tree takes out Saanich house: everyone safe. [CHEK]

A gorgeous jellyfish just below the surface in Central Saanich. [Facebook video]

Camossung sculpture by Fred Dobbs in Gorge Park. [Work The Angle photos]

Port Alberni woman wins $500k in lottery; she found out on drive home from Victoria.