Court documents show the accounting firm overseeing the bankruptcy of alleged B.C. Ponzi schemer Greg Martel expects to bill more than $12 million for its work, while having recovered less than $1 million to date. Thousands of investors remain affected as Martel’s whereabouts are still unknown.
The accounting firm appointed to oversee the bankruptcy of alleged British Columbia Ponzi operator Greg Martel says it expects to bill more than $12 million for its work untangling the collapsed investment scheme, according to newly released court documents.
PricewaterhouseCoopers (PwC), which was appointed as receiver and bankruptcy trustee for Martel and his company, My Mortgage Auction Corp., disclosed the estimate in minutes from a recent meeting posted online. The firm reports it has collected approximately $892,000 so far for work performed between April and July 2023.
An additional $6 million in unpaid invoices has accumulated for work carried out between July 2023 and September 2025. PwC says the fees reflect extensive efforts to identify investors, trace financial transactions, and reconstruct the movement of funds through more than 65,000 transaction records linked to dozens of bank accounts and credit cards.
PwC estimates that ongoing and future work related to the bankruptcy will cost another $4.1 million. The firm’s billing rate is listed at $430 per hour, while external legal counsel retained on the file is charging up to $1,000 per hour.
Martel, who operated My Mortgage Auction Corp., is alleged to have raised hundreds of millions of dollars by selling investments tied to purported short-term real estate loans. Investigators say the projects were fictitious, and returns paid to earlier investors were funded using money from new investors.
Authorities estimate Martel collected approximately $301 million from investors and paid out about $210 million, leaving tens of millions unaccounted for. Investigators allege the remaining funds were lost through options trading, other failed ventures, and personal spending.
Martel’s whereabouts remain unknown. Warrants for his arrest have been issued in both Canada and the United States, though he has not been criminally charged.
In September, the B.C. Supreme Court approved a plan allowing PwC to claw back profits from investors who earned money from the scheme in order to redistribute funds to those who suffered losses. Under the court-approved structure, PwC will be paid from any recovered funds before investors receive compensation.
Additional recoveries have included proceeds from the sale of properties connected to Martel and partial recovery from registered savings accounts. PwC has also indicated it may recover several million dollars from tax authorities related to taxes paid on fictitious income.
The bankruptcy proceedings continue as investors await further recoveries and the potential apprehension of Martel.
