Ontario Tribunal Finds Film Financier Jason Cloth Defrauded Investors
Summary
Creative Wealth Media, which lent to studio and indie productions, moved about $53.8 million of investor money into a real estate project.
"Ontario's Capital Markets Tribunal has found that film financier Jason Cloth and his company, Creative Wealth Media Finance Corp., committed securities fraud, Investment Executive reported Tuesday. The tribunal issued its reasons and decision on Nov. 2 in an enforcement case brought by the Ontario Securities Commission.
Creative Wealth lent money to producers of film, television and animation projects. The panel found that about $53.8 million was improperly moved to a real estate development, that money earmarked for specific media projects was redirected to other projects, and that about $5.8 million was used to repay earlier investors. It said the conduct harmed investors by ""exposing them to risks that they hadn't bargained for."" The company filed for bankruptcy in November 2023.
When it filed the case in March 2025, the OSC alleged that Creative Wealth raised more than $500 million from investors in Ontario, elsewhere in Canada and the U.S., and that at least $70 million was diverted to unauthorized uses. Cloth did not attend the hearing, and his counsel withdrew late in the proceeding. Scheduling for a sanctions hearing begins Nov. 16."
