TORONTO – Ontario’s Capital Markets Tribunal has found that Hollywood financier Jason Cloth defrauded investors of money intended to bankroll film productions.
The tribunal found Cloth misused tens of millions of dollars entrusted to his company, Creative Wealth Media Finance Corp., which acted as a sort of go-between for investors and film producers looking for loans.
The case was brought against Cloth by the Ontario Securities Commission, which examined a database that tracked his company’s transactions and submitted transcripts of two interviews with Cloth.
A document detailing the decision states Cloth did not appear at the hearings, and that his lawyer did not take a position on the Commission’s allegations or make any factual admissions. It also says Cloth’s counsel did not cross-examine witnesses or make substantial submissions.
The tribunal says Cloth and his company used more than $50 million of investors’ money for a real estate project without the investors’ knowledge, when it was supposed to finance specific films.
Cloth did not immediately respond to requests for comment sent by text message, email or through his former lawyer.
The lawyer representing Cloth in the case applied to have his name struck from the record after communication between the two broke down; the tribunal granted the motion.
The tribunal also found Cloth used money from investors to fund films and media projects that weren’t the ones they’d agreed to.
For instance, it says that in 2018, approximately $4.75 million was diverted from a project called “The Nightingale,” the title of an Australian psychological thriller that Cloth is listed as an executive producer on, to other purposes including a project called “Bombshell.” Cloth is also listed as an executive producer on the 2019 film about a sexual harassment case titled “Bombshell,” starring Charlize Theron and Nicole Kidman.
And the tribunal says the Commission’s evidence shows Cloth used investors’ money to repay “earlier investors in other projects” without telling them.
In some cases, the tribunal says, Cloth raised more money than was needed to fund certain projects, and was “dishonest” about it to investors. For instance, it says Cloth raised US$6.57 million for a media project called Pathway from a person who thought they were the only investor on the project. But it says Cloth actually ended up raising US$14.7 million from 45 investors, and that Creative Wealth, according to is own database, still owes US$14.6 million to Pathway investors.
The tribunal has given Cloth a deadline of Nov. 16 to arrange for another hearing to decide how he might be sanctioned.
In July, Cloth was indicted by a federal grand jury in Chicago on allegations he defrauded clients of more than $100 million.
He’s charged with seven counts of wire fraud, each punishable by up to 20 years in prison. Cloth is also being asked to forfeit more than $12 million.
Cloth was released on bail, and the allegations against him in that case have not been proven in court.
Cloth was a producer on numerous films throughout his career, including “Joker,” “Ghostbusters: Afterlife” and “A Simple Favor.”
This report by The Canadian Press was first published Nov. 4, 2026.
-with files from The Associated Press.
