Accounting firm overseeing Greg Martel Ponzi bankruptcy estimates $12M bill for service

As fallout from the Greg Martel Ponzi scheme continues to inflict hardship for over 1,700 people who invested with the Victoria, B.C., fraudster, newly released documents show that the company appointed to manage Martel’s bankruptcy stands to bill over $12 million for untangling his web of deceit.

The estimate is contained in minutes of a meeting posted online by PricewaterhouseCoopers (PwC), the accounting firm appointed receiver and bankruptcy trustee of Martel and his Ponzi-vehicle My Mortgage Auction Corp. (MMAC). 

Of the estimated $12 million, PwC has only collected $892,490 to date for work it performed between April and July 2023, according to its website. 

Another $6 million in fees is outstanding for invoices amassed between July 2023 and September 2025. Those relate to a mountain of work done to identify investors and their financial dealings with Martel, and to create a “funds flow analysis” from over 65,000 transaction records recovered from 33 unique Martel bank accounts and credit cards.

“Ordinarily a receiver or trustee would bill periodically and the estate would pay those invoices on a regular basis,” said PwC in a statement. “This has not occurred in MMAC’s case as the estates have not had sufficient funds to make regular payments.”

PwC estimates its continuing and future work will cost another $4.1 million, with it billing out at  $430 per hour and legal counsel retained for the case charging $1,000 per hour.

Martel still on the run

The whereabouts of Martel, who turns 50 this year, remain unknown, and warrants for his arrest have been issued in Canada and the U.S.

Martel’s scam consisted of selling investments in purported short-term loans for real estate projects that were later revealed to be entirely fictitious. Investors were dazzled by the promised rates of return, sometimes as high as 100 per cent on an annualized basis.

The first cracks started showing in late 2022, when some investors who were owed payouts stopped receiving them. By spring of 2023, the scheme had collapsed completely and lawsuits against Martel began piling up.

In total, Martel brought in $301 million from investors and paid out $210 million. Investigators say the remaining $91 million went to options trading losses, other failing business ventures, and to pay for his extravagant lifestyle.

Last September, B.C. Supreme Court Justice Shelly Fitzpatrick approved a plan by PwC to claw back money from Martel investors who made a profit — known as “winners” — in order to help pay back “loser” investors who lost money. 

The decision came after it was confirmed Martel was running a Ponzi — in other words, using money put in by new investors to pay out those who invested with him earlier. 

PwC will be paid from whatever funds are recovered before any loser investor sees a cent, as noted in the minutes.

Properties sold

Besides money brought in by the clawing back, about $1 million has been recovered from the forced sale of three properties Martel had an ownership stake in.

Another $26,000 from half the value of an RESP Martel owned with his ex-wife, was also recovered.  

PwC estimates it could recover up to $3 million from the Canada Revenue Agency for tax Martel paid on fictitious income.

According to documents, Martel withdrew $1.1 million from MMAC “late in the game” as his Ponzi house of cards was collapsing. 

PwC says the money was transferred to Bridge Ventures, “a place where one can deposit funds in an account, and then purchase/hold various sources of cash, cryptocurrency, gold, etc.”