OSC announces allegations of fraud against Jason Cloth and Creative Wealth Media Finance Corp.
TORONTO, March 4, 2025 /CNW/ - The Ontario Securities Commission (OSC) today announces fraud allegations against Jason Cloth and Creative Wealth Media Finance Corp.
The OSC alleges Cloth, a Toronto resident, and Creative Wealth raised over $500 million from investors across Ontario, Canada and the U.S., by holding themselves out as providing loans to film, television and animation producers for studio and independent productions. However, Cloth and Creative Wealth are alleged to have diverted at least $70 million of investor funds for unauthorized uses, including to a real estate development and other projects, as well as repaying existing investors. Creative Wealth eventually collapsed into bankruptcy.
According to the allegations, this dishonest conduct harmed investors and undermined the integrity of the capital markets.
A case management hearing will be held before the Capital Markets Tribunal on April 4th at 10:00 AM. A copy of the Application for Enforcement Proceedings is available on the Capital Markets Tribunal website.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.
Follow us on X
Follow us on LinkedIn
SOURCE Ontario Securities Commission
For Media Inquiries: Julia Mackenzie, [email protected]; For Investor and Industry Inquiries: 1-877-785-1555 (Toll Free), [email protected]
Share this article