Fraction of money owed recovered from sale of Greg Martel’s homes

Fraction of money owed recovered from sale of Greg Martel's homes
File photo of Greg Martel

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


Laura BroughamLaura Brougham

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