The case of William Santor, a Canadian film financier accused of orchestrating a massive fraud through his company, Productivity Media Inc. (PMI), has sent shockwaves through the entertainment and investment industries. With allegations of misappropriating at least $44.5 million in investor funds, the scandal is a stark reminder of how sophisticated schemes can exploit trust and financial systems.
Canadian-born financier William Santor founded Productivity Media Inc. (PMI) in 2012 alongside business partners John Hills and Andrew Chang-Sang. PMI positioned itself as a provider of debt financing for film and television productions, promising investors stable returns in a lucrative industry. Santor, a former wealth manager, brought his Hollywood connections and experience in film finance to the venture.
Over time, PMI gained prominence, financing notable productions and attracting significant investments from institutions like Vancouver-based Qwest Productivity Media Income Trust and various Canadian labour union funds. These investments gave PMI a reputation as a reliable player in the entertainment financing space.
The alleged fraud began to unravel in 2024 during an internal investigation prompted by PMI’s legal counsel and whistleblower reports. Santor is accused of creating “imposter” companies that mimicked legitimate sales agents and distributors PMI had worked with, such as Radiant Films International and Concourse Media.
According to court documents, Santor allegedly funnelled investor funds into these fraudulent entities, whose names and email addresses were similar to those of real companies. The funds were then misappropriated to finance Santor’s extravagant lifestyle, including luxury vehicles, high-end properties, and other lavish personal expenses.
The alleged misappropriation totalled at least $44.5 million, with the full extent of the losses still under investigation.
After Santor’s fraud unravelled, the Ontario Superior Court of Justice issued a Mareva injunction, freezing his assets (including his luxury properties and bank accounts). This injunction aimed to prevent the dissipation of funds and preserve assets for potential recovery by creditors. The case was subsequently complicated by Santor’s death in late December 2024 in the Cayman Islands.
The investigation into his alleged actions continues, with court-appointed receiver KSV Advisory working to trace and recover misappropriated funds. The receivership process involves unravelling PMI’s financial transactions to determine the extent of the fraud and identify potential avenues for asset recovery.
The fallout from the scandal has been severe. Investors, including pension and benefit funds for labour unions. For example, Qwest Productivity Media Income Trust had invested $95 million in a related PMI fund, representing a substantial portion of its portfolio.
The scandal has also prompted questions about due diligence and governance practices, as PMI’s leadership appears to have ignored or dismissed warning signs, such as discrepancies in audit confirmations and irregularities in financial records.
Under Canadian law, victims of civil fraud have access to several remedies, many of which can be expected to come into play in the Santor case. These remedies aim to recover misappropriated funds, prevent further harm, and hold fraudsters accountable.
A Mareva injunction is a powerful legal tool that allows courts to freeze the assets of an alleged fraudster to prevent them from dissipating funds. In Santor’s case, a Mareva injunction froze his bank accounts, luxury vehicles, and high-end properties. This measure ensures assets remain available for potential recovery.
To obtain a Mareva injunction, victims must demonstrate:
Asset tracing involves identifying and locating misappropriated funds or property. In cases involving complex schemes, such as Santor’s alleged use of imposter companies, forensic accountants and investigators play a crucial role in uncovering the flow of money.
Once assets are traced, victims can pursue legal action to recover them through claims such as:
Victims can file a civil lawsuit seeking compensatory damages for their financial losses. Courts may also award punitive damages in cases of egregious misconduct to deter similar behaviour.
In Santor’s case, the allegations of fraud affected not only major investors but also pension and trust funds tied to Canadian labour unions. Litigation provides a mechanism to hold those responsible accountable and recover funds on behalf of affected parties.
Fraudsters may attempt to shield themselves from liability by declaring bankruptcy, as Santor allegedly did. However, Canadian bankruptcy law offers protection for victims of fraud. Under the Bankruptcy and Insolvency Act, debts arising from fraud are typically non-dischargeable, meaning the fraudster remains liable for these debts even after bankruptcy.
The William Santor/PMI case underscores critical lessons for investors and businesses:
Investors must carefully vet business ventures and key decision-makers. They should promptly investigate warning signs, such as discrepancies in audit documents or unexplained financial irregularities.
Time is of the essence in fraud cases. Seeking legal advice early allows victims to pursue remedies like Mareva injunctions before assets are dissipated.
Successful recovery often requires collaboration among lawyers, forensic accountants, and investigators. Experts can help trace assets, build a strong case, and navigate complex legal landscapes.
Businesses should implement robust internal controls and regularly audit financial practices to detect and deter fraud. Transparent governance and accountability are critical in safeguarding against fraud risks.
The allegations against William Santor and PMI are a stark reminder of the devastating impact of fraud on investors and businesses. By understanding the legal remedies available under Canadian law and acting decisively, victims can improve their chances of recovering assets and holding fraudsters accountable.
Effective representation in civil fraud cases demands legal counsel with a strategic, long-term approach. These claims often hinge on urgent procedural motions, injunctions, and court-ordered evidence disclosure, making skilled management and timing crucial for success. At Milosevic & Associates, our proven track record in civil fraud and investment loss litigation demonstrates our ability to navigate these complexities.
Our team of accomplished fraud litigation lawyers has extensive experience conducting trials and appeals at all court levels. Regularly appearing before judges and mediators, we excel at adapting to unexpected challenges and delivering results. With years of experience, we’ve confidently helped clients tackle significant legal and financial risks. To schedule a confidential consultation, please contact us online or call 416-916-1387.
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