The aftermath of the Greg Martel Ponzi scheme continues to impact more than 1,700 individuals who invested with the Victoria, B.C., fraudster. Recently released documents reveal that the company tasked with handling Martel’s bankruptcy could potentially charge over $12 million for unraveling his fraudulent activities.
The disclosed estimate was found in meeting minutes posted online by PricewaterhouseCoopers (PwC), the appointed accounting firm overseeing Martel’s bankruptcy. As of now, PwC has received $892,490 out of the total estimated amount of $12 million for services rendered between April and July 2023. An additional $6 million in fees is pending for work conducted between July 2023 and September 2025, which involved extensive efforts to identify investors, examine their financial transactions with Martel, and develop a detailed “funds flow analysis” from over 65,000 transaction records obtained from 33 different accounts and credit cards associated with Martel.
PwC stated that the usual practice is for a receiver or trustee to bill regularly and receive payments accordingly, but this has not been the case with MMAC due to insufficient funds. The firm anticipates that its ongoing and future work will amount to around $4.1 million, with hourly billing rates set at $430 for PwC’s services and $1,000 for legal counsel involved in the case.
Despite turning 50 this year, the current whereabouts of Martel remain unknown, and arrest warrants have been issued in both Canada and the U.S. Martel’s scheme involved selling investments in supposed short-term real estate loans that turned out to be entirely fabricated. Investors were enticed by the promised high returns, some as high as 100% annually.
The first signs of trouble emerged in late 2022 when investors stopped receiving expected payouts, leading to the scheme’s eventual collapse in spring 2023. Martel reportedly collected $301 million from investors, paid out $210 million, and diverted the remaining $91 million to cover losses from options trading, failed ventures, and his lavish lifestyle.
Last September, a plan devised by PwC to recover funds from profitable Martel investors (“winners”) to compensate those who suffered losses (“losers”) was approved by B.C. Supreme Court Justice Shelly Fitzpatrick. PwC will receive compensation from retrieved funds before any impacted investors receive reimbursements.
Aside from the funds recouped through the recovery process, approximately $1 million was obtained from the sale of three properties linked to Martel. Additionally, $26,000 from an RESP jointly owned by Martel and his ex-wife was recovered. PwC anticipates a potential recovery of up to $3 million from the Canada Revenue Agency for taxes paid on fictitious income by Martel.
Documents indicate that Martel withdrew $1.1 million from MMAC as his fraudulent scheme unraveled, transferring the money to Bridge Ventures, a financial platform allowing deposits for various investment options, including cash, cryptocurrencies, and gold.