The labyrinthine tale of Greg Martel, the alleged financial fraudster, took a decisive tilt on Thursday. Following a hearing in the B.C. Supreme Court in Victoria, Martel was declared personally bankrupt, a move designed to expedite the recovery of his assets by the receiver in the case, PricewaterhouseCoopers (PwC).
The primary assets PwC seeks to recover include a resplendent mansion in Las Vegas, a house near Victoria in Langford, and an Ontario cabin co-owned with an ex-spouse. Together these properties could garner around $4 million, a modest fraction of the nearly quarter-billion-dollar debt Martel has allegedly accrued.
In parallel, a court application is envisaged to declare Martel contemptuous, a verdict that could end up wit…
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