In the aftermath of the Greg Martel Ponzi scheme fallout affecting more than 1,700 investors in Victoria, B.C., it has been revealed that the company tasked with managing Martel’s bankruptcy could bill over $12 million for the unraveling of his fraudulent activities.
Newly released documents indicate that PricewaterhouseCoopers (PwC), the appointed accounting firm overseeing Martel’s affairs, has so far received $892,490 out of the estimated $12 million for services rendered between April and July 2023. An additional $6 million in fees is yet to be settled for work conducted from July 2023 to September 2025, involving extensive efforts to identify investors, analyze their financial transactions with Martel, and establish a comprehensive “funds flow analysis” based on over 65,000 recovered transaction records from 33 of Martel’s accounts.
PwC stated that the delayed payments are due to insufficient funds in MMAC’s estates, leading to irregular billing cycles. The firm anticipates an additional $4.1 million in costs for ongoing and future work, billing at a rate of $430 per hour, with legal counsel charging $1,000 per hour.
Meanwhile, Greg Martel, the mastermind behind the scheme, remains at large as arrest warrants have been issued in both Canada and the U.S. Martel’s scam involved enticing investors with high returns on purported short-term real estate loans, which were later exposed as fictitious. The scheme unraveled in early 2023 when investors stopped receiving payouts, leading to a total collection of $301 million, with $210 million disbursed, while the remaining $91 million was reportedly used for trading losses and personal expenses.
To recover funds, PwC has initiated measures such as clawing back profits from “winning” investors to compensate “losing” investors. Additionally, approximately $1 million has been recouped from the sale of three properties owned by Martel, along with $26,000 from an RESP shared with his ex-wife. PwC also aims to recover up to $3 million from the Canada Revenue Agency for taxes paid on fraudulent income.
Notably, Martel transferred $1.1 million from MMAC to Bridge Ventures before the scheme collapsed, a platform for managing various assets like cash, cryptocurrency, and gold. This ongoing pursuit of recovered assets will precede any reimbursement to the defrauded investors as outlined in the minutes of PwC’s proceedings.