The Globe and Mail reports in its Wednesday edition that the Ontario Securities Commission alleges that a Toronto man who raised more than $500-million from hundreds of investors for film, television and animation productions misappropriated at least $70-million of investors' funds. The Globe's Alexandra Posadzki writes that the OSC announced fraud allegations Tuesday against Jason Cloth, who has executive producer credits on films such as Joker and Babylon, and his now-defunct private lending company, Creative Wealth Media Finance Corp. The company started bankruptcy proceedings in October, 2023. According to the OSC's application, Mr. Cloth and Creative Wealth raised more than $500-million from more than 500 investors in Canada and the United States between 2013 and 2022, promising to use those funds to finance film, television and animation projects. Between 2018 and 2021, Creative Wealth allegedly lent more than $50-million to a real estate developer for the construction of townhouses in Kingston, Ont. The OSC alleges that Mr. Cloth and Creative Wealth defrauded investors by diverting at least $70-million to purposes that had not been disclosed, including using money from new investors to repay existing investors.