PricewaterhouseCoopers (PwC), the firm managing the bankruptcy of Greg Martel and his Ponzi scheme, is expected to bill over $12 million for the complex unraveling of Martel’s fraudulent activities. Despite only collecting $892,490 for work done between April and July 2023, PwC has outstanding fees of $6 million for additional services rendered between July 2023 and September 2025. These services involved analyzing over 65,000 transaction records from multiple accounts linked to Martel.
PwC stated that they usually bill regularly, but due to insufficient funds in Martel’s estates, regular payments have not been possible. The ongoing and future work by PwC is estimated to cost an additional $4.1 million, with hourly rates set at $430 for PwC’s services and $1,000 for legal counsel. Martel, who is currently evading authorities at the age of 50, faces arrest warrants in both Canada and the U.S.
Martel’s fraudulent scheme involved selling fake short-term real estate investment opportunities with promised high returns. As the scheme unraveled in 2023, lawsuits against Martel mounted. Investigators revealed that Martel collected $301 million from investors, paying out $210 million, with the remaining $91 million used for personal expenses and failed ventures.
PwC received court approval to recoup funds from profitable investors to reimburse those who lost money. In addition to clawed-back funds, about $1 million was recovered from the sale of three properties linked to Martel. PwC anticipates recovering up to $3 million from the Canada Revenue Agency for fictitious income taxes paid by Martel. Martel also withdrew $1.1 million from his scheme before its collapse, transferring the funds to Bridge Ventures for investment purposes.