A fraction of the money owed has been recovered in the case of an Island man under investigation for potentially conducting a Ponzi scheme.
PricewaterhouseCoopers released its year-end report, in which it details recovering some of the funds owed from the sale of two of Greg Martel’s properties. So far, that has only amounted to $200,000 recovered of the roughly quarter of a billion owed.
PwC is responsible for determining how investors funds were used and whether he and his mortgage company were conducting a Ponzi scheme.
Martel’s Langford home sold for nearly $2.5 million. His property in Ontario has also sold, and a third home in Las Vegas has a pending sale. The company was only able to recover a fraction of the money from the sales of these homes due to the outstanding mortgages.
The money recovered has not even covered the costs incurred by PwC for the investigation thus far.
The report also says Martel was exiled from Thailand and went to Dubai, but his current whereabouts are unknown.
Martel owes money to hundreds of investors across North America.
-With files from CHEK’s April Lawrence
- MAY 5: Victoria mortgage company put in receivership amid flurry of lawsuits
- MAY 9: ‘Show me the money’: Receivership hearing resumes for Victoria businessman Greg Martel
- MAY 10: My Mortgage Auction investor fears she may have lost retirement savings
- MAY 17: Court case against Greg Martel continues, receiver’s requests for information go unanswered
- MAY 31: Owner of Shop Your Own Mortgage hit with suspension order: BCFSA
- JUNE 7: ‘It’s just a lie’: Saanich contractor says claims he borrowed money from Greg Martel’s company are false
- JUNE 10: Greg Martel’s lawyer quits, company assigned into bankruptcy
- JUNE 28: B.C. Securities Commission launches dedicated inquiry form for Shop Your Own Mortgage
- SEPT. 1: Court to hear application for warrant for Greg Martel in ongoing case
- SEPT. 11: Warrant issued for Victoria businessman Greg Martel’s arrest
- NOV. 24: Canada’s high court to rule if bankruptcy wipes out court-ordered fines in B.C. case