Ontario movie financier enters receivership after CEO fraud allegations

By Ahmad Hathout Burlington-based film financier Productivity Media is now under receivership after defaulting on approximately USD $2.5 million in loans after allegations emerged this summer that its CEO siphoned over $100 million of the company’s money to fraudulent media projects, according to court documents. The alleged fraud by 50-per cent company owner William Santor broke covenants between the company and the short-term lender, Toronto-based Two Shores Capital Corp., which required the investor to keep an arm’s length from the money it loaned to productions including Hollywood films – the budgets of which range between USD $2 million and $50...