'All the stages of grief': Investors speak out about B.C. Ponzi nightmare

Karin Larsen · CBC News

· Posted: Mar 16, 2025 7:00 AM EDT | Last Updated: 10 minutes ago

Being a headliner connected the TV series Hustlers Gamblers Crooks was ne'er a extremity of Lana McKenzie's. 

Nevertheless, that's wherever the Courtenay, B.C., ma recovered herself past year, sharing a nightmare communicative of being conned retired of hundreds of thousands of dollars by notorious B.C. Ponzi schemer Greg Martel. 

"It was important due to the fact that I privation to bring consciousness to what tin happen," McKenzie told CBC News. "You get to alert to L.A. and beryllium successful these accumulation offices and [being connected the show] was a amusive experience. But I would person alternatively not had the loss."

McKenzie says she lost $330,000 to Martel's swindle. She agreed to look connected the Discovery Channel bid connected the information she wouldn't person to talk his name. 

"He's an atrocious idiosyncratic and helium does not merit immoderate glory successful this situation," she said, becoming emotional. "It's been devastating for truthful galore radical — a crazy, awful, superior fraud that's happened here."

Between 2018 and 2023, Martel took successful $301 cardinal from investors and paid retired $210 million, according to court-appointed receiver and bankruptcy trustee PricewaterhouseCoopers (PwC). They accidental helium blew the remaining $91 cardinal connected options trading losses, different failing concern ventures, and to wage for his extravagant lifestyle.

Whereabouts unknown

Martel disappeared successful 2023 amid lawsuits brought by aggravated investors wanting their wealth back.

He was successful Thailand for a time, past Dubai, but his existent whereabouts are chartless although social media rumours aboveground present and again claiming he's been spotted successful locations specified as Israel oregon Mexico.

Authorities successful Canada and the U.S. person issued warrants for his apprehension related to contempt of court, but Martel has not been criminally charged. An probe by the B.C. Securities Commission is ongoing.

Clawback time

Earlier this week, lawyers and investors lined up to marque submissions to B.C. Supreme Court Justice Shelley Fitzpatrick arsenic bankruptcy proceedings for Martel and his bogus company, My Mortgage Auction Corp., determination into the clawback phase. 

A full of 480 alleged "winner" investors and 81 "preferred" investors who profited from the strategy are being ordered to wage each gains minus their archetypal concern into a bankruptcy pool.

Monies recovered volition archetypal spell to compensating the accountants and lawyers moving connected the case, with remaining funds to beryllium distributed betwixt 1,229 investors who mislaid money, though they are apt to receive pennies connected the dollar of their archetypal investment. 

According to tribunal documents listing the 561 investors facing clawbacks, 2 investors beryllium much than $2 cardinal each, different 14 are connected the hook for implicit $1 cardinal each. The smallest magnitude connected the database is $223.10.

Many of those facing clawbacks say they quality PwC's calculations, including Quadra Island nonmigratory Damian Richards, who is cited arsenic owing $22,375.52.

Richards says according to his fiscal records, helium shouldn't person to wage much than $1,000 or $2,000 into the bankruptcy pool.

"PwC has gone done a full batch of fiscal transactions and the accounting records of a institution that was acting fraudulently close from the beginning. So I don't cognize however they tin trust connected these numbers," helium said.

'Anger, resentment, denial'

Richards' past with Martel goes backmost to 2020 erstwhile helium invested an inheritance connected the proposal of a fiscal planner. He said the planner didn't divulge astatine the clip that her hubby worked for Martel.

Making matters worse, helium says, are the taxes he's paid connected gains that were ne'er realized, a concern galore investors are grappling with acknowledgment to the fraudulent taxation slips Martel issued done the years. 

"We mislaid our nest egg," helium said. "I've paid tens of thousands of dollars successful taxes connected wealth I ne'er made." 

"It's been truly pugnacious to endure a nonaccomplishment similar that. It's each the stages of grief — anger, resentment, denial — everything."

Bankruptcy proceeding are acceptable to proceed adjacent period successful B.C. Supreme Court successful Vancouver.