The Globe and Mail reports in its Wednesday edition that Ontario's Capital Markets Tribunal has found that Toronto film promoter Jason Cloth and his now-defunct company Creative Wealth Media Finance Corp. perpetrated securities fraud by misappropriating investor funds, including by diverting $53.8-million to real estate projects. The Globe's Alexandra Posadzki writes that the tribunal also found that Mr. Cloth, who has executive producer credits on films such as Joker and House of Gucci, used investors' funds to repay other investors, and sometimes raised more money than the maximum specified in investment agreements. A hearing to consider costs and sanctions against Mr. Cloth and Creative Wealth will be held no later than Nov. 30, the tribunal's decision said. The 60-year-old film producer was the sole director and officer of Creative Wealth, a private company that financed film and TV productions through loans to independent producers. The loans were financed by investors, and Creative Wealth charged a fee, calculated as a percentage of the amount invested, for facilitating the transactions. The Ontario Securities Commission had argued that from 2018 onward, Creative Wealth was sustained "through Ponzi-like payments."