A group of investors who lost money in a $300-million Ponzi scheme operated by Victoria mortgage broker Greg Martel are suing the Royal Bank of Canada and B.C. Financial Services Authority for failure to protect investors.
Dustin Frank Renz, David Cumby and Andrew Todd Wilson have filed suit against the bank and the agency that oversees financial services in B.C., alleging they did not do enough to curtail Martel’s activities and reduce the losses experienced by investors.
The three men are hoping to have the lawsuit declared a class action on behalf of 1,229 investors who lost an estimated $149 million.
A report from PricewaterhouseCoopers, which has been overseeing
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