Newly released documents reveal that the firm managing Greg Martel’s bankruptcy could potentially bill over $12 million for handling the aftermath of his Ponzi scheme. PricewaterhouseCoopers (PwC), the appointed accounting firm overseeing Martel’s affairs, has so far received $892,490 out of the estimated $12 million for their services rendered between April and July 2023. An additional $6 million in fees remains outstanding for work conducted between July 2023 and September 2025, which involved analyzing over 65,000 financial transactions from 33 different bank accounts and credit cards linked to Martel.
PwC stated that the usual billing process has been disrupted due to insufficient funds in Martel’s case, with ongoing and future work anticipated to cost an additional $4.1 million. The firm charges $430 per hour for its services, while legal counsel retained for the case bills at $1,000 per hour.
Meanwhile, Martel, who is still at large and facing arrest warrants in both Canada and the U.S., orchestrated a scam by offering investments in fictitious short-term real estate loans with promised high returns. The scheme began to unravel in late 2022 when investors stopped receiving payouts, ultimately leading to its collapse by spring 2023.
Martel managed to collect $301 million from investors but only paid out $210 million, with the remaining $91 million diverted to cover losses from options trading and failed ventures, as well as to sustain his lavish lifestyle. To recoup losses, PwC secured court approval to claw back profits from “winning” investors to compensate “losing” investors.
Apart from the clawback funds, PwC has recovered approximately $1 million from the sale of three properties linked to Martel and $26,000 from an RESP account shared with his ex-wife. The firm also anticipates reclaiming up to $3 million from the Canada Revenue Agency for taxes paid on fictitious income. Notably, Martel transferred $1.1 million to Bridge Ventures as his Ponzi scheme collapsed, a platform allowing investments in various assets like cash, cryptocurrency, and gold.