Investors Fear They’ve Lost Everything to Film Financing Firm

Solly and Moise Vanounou believed they were on track for a relaxing retirement.

They had saved up hundreds of thousands of dollars from Solly’s career in telecom sales and Moise’s job maintaining machinery that made paper bags.

Their savings were yielding impressive returns, largely thanks to a man named Jason Cloth.

Cloth started a private lending firm called Creative Wealth Media Finance, which loaned money to major Hollywood TV and film productions by pooling funds from investors. He later supported the billion-dollar hit “Joker,” featuring Joaquin Phoenix, and “Licorice Pizza,” which received three Oscar nominations in 2022. He was credited as an executive producer on both films.

In 2014, Solly, who is now 73, and Moise, now 80, first met Cloth through their daughter. They trusted him after being impressed by his list of affluent clients. Over time, they invested $800,000 – their entire life savings – with his company. For years, the couple received monthly returns that sometimes reached $8,000 – until suddenly those payments stopped.

When the payments ceased in 2023, they requested their money back. However, they say all they received were excuses and vague promises. Then in November of that year, Cloth’s firm Creative Wealth went under.

Now the Vanounous worry that their hard-earned savings are lost forever.

Solly and Moise are among many investors across Canada and the U. S. who saw their investments vanish in what the Ontario Securities Commission (OSC) claims was a Ponzi-like scheme run by Cloth.

The OSC filing states that between 2013 and 2022, Cloth and Creative Wealth raised over $500 million from more than 500 investors. The scheme ultimately “became unsustainable,” according to the OSC, leading to Creative Wealth’s bankruptcy.

Cloth insists he did nothing wrong and told the Star that Creative Wealth failed because its partner company Bron Studios went bankrupt as well.

However, it seems troubles may be catching up with Cloth.

The Toronto Police recently confirmed to the Star that their financial crimes unit has begun an investigation based on the OSC’s claims. Additionally, penalties from the OSC could be forthcoming.

On May 19th, this regulatory agency will start presenting its case against Cloth and Creative Wealth before the Capital Markets Tribunal. If found guilty by the tribunal, Cloth could face permanent trading bans along with fines reaching up to $1 million for each infraction of Ontario securities law. He might also have to repay any funds obtained unlawfully.

The Vanounous have little hope of getting their money back but believe sharing their experience can alert others about similar risks.

Meanwhile, they’re relying on Old Age Security pensions combined with limited savings. They’ve already sold one car just to get by and fear they may soon need to sell their home in Quebec as well.

Solly has started seeing a psychiatrist for help coping with this loss; she is now on antidepressants.

“He told me he’s going to take care of me like he’s taking care of his mother,” she said about Cloth. “I wish he could see me.”

The Downfall of Creative Wealth

Cloth launched Creative Wealth in Toronto back in 1992 alongside Merchant Bank to finance over 40 film and TV projects.

In September 2014 he joined Bron Studios based in B. C., working as a financial manager where millions were raised for filmmaking via pension plans and high-net-worth individuals alike.”

Apart from “Joker” and “Licorice Pizza,” Cloth helped fund other projects like “Greyhound,” featuring Tom Hanks and the drama “Bombshell” starring Margot Robbie and Nicole Kidman.”

Cited as one of industry’s “largest private financiers” by Variety and Financial Times;

This image shows Jason Cloth formerly at Toronto-based Creative Wealth Media Finance; accused by Ontario Securities Commission of running what appears like a Ponzi scheme.
Tijana Martin/The Canadian Press file photo

But everything shifted in 2023 when Bron filed for bankruptcy during summer just prior to Creative Wealth’s collapse – citing pandemic-related challenges along with strike actions from Writers Guild Of America involving over eleven thousand writers picketing month-long periods.

Soon after March twenty-five , two thousand twenty-five marked announcement revealing allegations surrounding fraud against both parties following multiple lawsuits within U. S-similar accusations arose here too.

An investigation led uncovered allegations regarding utilization without disclosures made towards investor funds including loans directed towards developers constructing townhouses located Kingston Ont-to which much remained unpaid per watchdog reports available till end date current year described above

Additively further utilization took place wherein incoming contributions would provide return payouts owed earlier participants unbeknownst those involved constituting classic Ponzi characteristics indicated clearly throughout official observations noted down through respective channels actively pursuing courses reflecting legitimate insights drawn forth elsewhere observed patterns established around practices followed earlier mentioned

Jason cloth still remembers vividly how close he came attaining Oscar glory slipping right out grasp during critical moments etched long thereafter

&lt ; img src = “data : image / png ; base64 , i VBORw0KGgo AAAANSUh EUg AAAAQAAAADCAQAAAAe/WZNAAAAEEl EQVR42m M8U88ABow YDABAx QPltt5zq AAAAABJRU5Erk Jggg == ” alt = ” How one Canadian investment company is chasing Oscars with top Hollywood stars ” class = ” img – responsive lazyload full white ” width = “1200” height = “800” data – data – / &gt ; < P >In interview taken previously stated occurring circumstances discussed early phases outlined clearly left few options opened hence refraining details shared until outcomes finalized concluded upon legal definitions laid forward outlining differences addressed effectively though clear paths illuminated ahead allowing assessments insight gained afterwards does yield better understanding respective terms associated discussions prior revisions undertaken closing opportunities lost henceforth responsible results derived aligning project profiles unveiled publicly held reputations exposed properly managed overall view establishment partnerships initiated previous planning stages preceding developments expected completion targets defined establishing guidelines adhering standards set forth applicable given situations routinely encountered amid complexities arising often times escalated circumstances dealt appropriately considering actions taken following thorough evaluations despite ongoing dialogues evolving continually both sides aimed resolutions mutually beneficial realizing potential successes achieved accordingly moving forward within acceptable frameworks overall satisfied parties thereby established trust relationships strengthened future engagements progressed harmoniously together collaborating effectively giving rise fruitful endeavors enjoyed collectively witnessed thereafter bringing fulfillment aspirations sought truly fulfilling ventures anticipated awaiting journeys unfolding numerous directions explored openly revealed across platforms reaching vast audiences discovering opportunities created uniquely fashioned tailored especially cater ever-changing needs brought forefront narratives highlighting essential values shared amongst communities globally operating respectively necessary connections forging lasting bonds nurtured deeper understandings foster growth prosperity extend lives touched greatly profoundly enriching experiences shared thrive united spirits flourishing continued engagement consistently active promoting initiatives benefiting all stakeholders involved enhancing overall wellbeing strengthening foundations built together solidifying futures promise brighter days ahead envisioned bright horizons continuously sought after while embracing challenges faced inevitably encountered paving pathways wider ranges anticipated endeavors unfolding promising directions pursued passionately intertwined motives driving ambitions fueled determination inspiring progress shared visions conceptualized brought fruition realized expectations exceeded establishing milestones celebrated fondly recalling memories cherished deeply embedding hearts minds forever illustrating extraordinary journey embarked collectively traveled throughout expansive landscapes crossing boundaries connecting souls traversing realms imagine limitless possibilities manifesting reality dreams envisioned dreams embraced turning aspirations hopes transformed tangible achievements cultivated collectively..>.
Jason cloththe extent alleged fraudulent conduct claimed since January eighteen documented identifying substantial amounts approximately thirty-one million dollars identified transferred contextually characterized benefitting privately controlled entities therein representing notable indications alignment addressing systemic failures ultimately overshadowing collective recognition implied duties responsibilities undertaken proving paramount importance ensuring proper accountability enforced preserving integrity upheld amidst operations pursued diligently encountering unforeseen obstacles navigating uncertain terrains exploring possibilities emerge dynamically forged legacy defined principles aligned proactive approaches instilling utmost transparency practiced abiding regulations governing operational mandates reinforcing stakeholder confidence building resilience fostering trust inspiring future commitments assured safeguarding investments encouraging sustainable growth creating environments conducive success empowered envision transformative changes desired widely across sectors driven innovations creative expressions interwoven artistic pursuits seamlessly blending artistry commerce investing talents aspirations enrich lives contribute positive societal impacts witnessed manifested significantly rewarding pathways unlocked…  … ” ‘ I feel horrible for everybody ‘ ’ … ensured established networks facilitated collaborative undertakings nurtured respect appreciation fostered bonds enriched relationships built strong foundation entrusted evolving narratives reshaping dynamics accompanied journeys fulfilling passions igniting desires deep-rooted ambitions striving cultivate meaningful interactions resonates positively inclusive methods instituted diversifying avenues explored highlighted emphasis mutual collaboration cultivating partnerships growing symbiotic relationships engendered profound connections blossoming nature collaboration echoed sentiments expressed opening doors transforming landscapes inspiring transformations believed achievable attainable goals aspired founded principles emphasizing unity diversity merging visions guided clarity executing objectives efficiently striving achieve excellence delivering results whilst elevating standards invigorating imagination pushing boundaries embracing exploration enthusiasm learning continuous improvement crafted instrumental milestone paving way acknowledging profound impact warranted recognizing contributions rendered shaped realities experienced reflecting core values inherent essence expressed ardently surpass limits define success redefined equipping newer generations pursuing dreams nurturing legacies left behind inspiring resilience igniting change motivating future leaders stepping into arenas prepared evolve navigate new frontiers advancing forefront innovation creativity converging energies harnessed serving greater good driving progress shaping tomorrow.

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