Canada

Over 500 investors who made money with Victoria, B.C., Ponzi schemer Greg Martel are facing a newly announced court action seeking to claw back combined profits in the tens of millions of dollars.

Documents posted by PricewaterhouseCoopers (PwC), the receiver appointed to the case, say 480 Martel investors have been deemed "winners" in the fraud, a title indicating that they received more cash back than they originally put in.

They make up the bulk of investors who will be subjected to court orders aimed at recouping funds to be pooled in Martel's bankruptcy estate.

Another 81 investors who received "preference payments" in the dying months of Martel's fraud have also been identified as targets for clawbacks in accordance with the Bankruptcy and Insolvency Act.