B.C. investors face financial fallout from Ponzi scheme

Lana McKenzie, a victim of Ponzi schemer Greg Martel, shared her story on a TV show after losing $330,000. Martel, who took in $301 million from investors, disappeared in 2023 amid lawsuits and is currently wanted by authorities. Bankruptcy proceedings for Martel's company, My Mortgage Auction Corp., are now in the clawback phase. Investors who profited are being ordered to return their gains, with funds first going to cover legal costs before being distributed to the 1,229 investors who lost money. Many investors dispute the calculations made by the bankruptcy trustee, PricewaterhouseCoopers. Some, like Damian Richards, argue they owe much less than reported, complicating the recovery process as they deal with the financial fallout from the fraud.