Canadian Hollywood financier William Santor seemingly had it all. Now he’s dead, he’s accused of misappropriating $44.5-million and investors are stuck

Hollywood Film Financier William Santor dies Amid Fraud Allegations

Teh Hollywood film financing world is reeling from the news of William Santor’s death at the young age of 50 on December 28, 2023. This tragic loss comes just weeks after serious fraud allegations were leveled against him, casting a dark shadow over his legacy.

Allegations of Deception

Santor was a prominent figure in the industry, best known as the founder of Productivity Media Inc. (PMI), a company that specialized in providing debt financing for film and television productions. He had a reputation for bringing high-profile Hollywood titles, such as “The Baker” (2022) and “The Retirement Plan” (2023), to the Cayman Islands.

However, PMI is currently in receivership, and the appointed receiver has made startling accusations against Santor. The receiver alleges that Santor created fictitious companies that impersonated legitimate sales agents and distributors PMI had previously worked with. These imposter companies,it is claimed,were used to divert nearly $100 million.

A Troubling Finding

The first whispers of trouble emerged in 2022, when Santor’s business partner, Andrew Chang-Sang, raised concerns during a trip to the Cayman Islands. PMI was undergoing a financial audit at the time, and Chang-Sang noticed disturbing discrepancies related to Concourse Media, one of their sales agents. An audit confirmation letter, it was discovered, had been signed by James Andrew Felts, who had sold his interest in Concourse two years prior.

From Tim Hortons to Hollywood: The Rise and Fall of a Media Mogul

In 2012, Canadian citizen Alberto Santor launched Productivity Media Inc. (PMI), a company that promised to bridge the gap between savvy investors and the allure of Hollywood. Santor, formerly president of Prosapia Wealth Management, a firm specializing in wealth management strategies, recruited two unexpected partners: John Hills and David Chang-Sang, both executives with the popular coffee chain Tim Hortons.

A High-Stakes Gamble

Despite neither Hills nor Chang-Sang possessing prior experience in the entertainment industry, Santor assured them that his Hollywood connections and experience financing films at TriStar Film Finance and Media house Capital woudl suffice. The trio envisioned a future where they’d leverage their combined expertise in operations, finance, and entertainment to create a thriving media empire. Santor assumed the role of chief executive officer, owning 50% of the company, while Hills became chief operating officer and Chang-Sang took on the responsibilities of president and chief financial officer.

Island Paradise and Hollywood Dreams

by 2019, Santor and his wife, Sonja, relocated to the Cayman Islands, a move that appeared to signal both financial success and a taste for the luxurious life. They invested in a sprawling 21,780-square-foot property in the exclusive Vista Del Mar community, complete with a stunning 9,400-square-foot home, for a combined cost exceeding US$10 million.

Santor simultaneously cultivated his Hollywood connections, attracting film productions like “The Baker,” starring Ron Perlman, and “The Retirement Plan,” featuring Nicolas Cage, to the Cayman Islands. Court documents paint a picture of Santor living a lavish lifestyle, indulging in expensive jewelry, watches, fine wine, and a collection of luxury cars, including Jaguars, a bentley, and a Porsche. He also acquired other properties, including a US$1.15-million condo in Studio City, California, and a six-acre plot of land on Grand Cayman, which he later sold for US$4 million.

Declining Fortunes and Allegations of Misconduct

However, the façade of success began to crumble in the spring of 2024. Shara Lerman, PMI’s general counsel, received a troubling phone call from Mimi Felts, a woman claiming to be Santor’s former business partner. Felts alleged that Santor had engaged in fraudulent activities, misappropriating funds from Concourse, a film financing company they had co-founded. santor offered explanations at the time, citing ongoing legal matters with Felts and attributing the email discrepancy to Concourse’s new distribution arm.His confident demeanor lead Chang-Sang to accept these explanations.

Now, Chang-Sang views those events with a newfound outlook, given the recent revelations. A tragic end came shortly after an Ontario court issued a Mareva injunction,effectively freezing Santor’s assets,including bank accounts,luxury properties,and vehicles. The full extent of the alleged financial misappropriation is still under examination.

This tragic story highlights the complexities and potential pitfalls within the film financing world, leaving a meaningful impact on the industry and those who knew Santor.

Film Executive’s Sudden death Raises Questions Amidst Allegations of Fraud

The world of film financing is often shrouded in mystery, but the recent death of Andrew Santor, co-founder of Private Media Investments (PMI), has cast a harsh spotlight on the industry’s inner workings. Santor, a prominent figure who also served as CEO of Radiant Films International, was found unresponsive at his Cayman Islands home on December 28th. His passing came as allegations of widespread financial misconduct within PMI were surfacing, sparking questions about the true extent of his alleged involvement.

Troubling Discoveries

Santor’s death occurred amidst a growing storm of controversy. Just months prior, PMI’s other co-founder, David Chang-Sang, had sworn an affidavit alleging deeply troubling misconduct on santor’s part. According to Chang-sang, Santor created a web of deception, fabricating entities like Radiant Canada and Dark Star Canada, allegedly to hold loan money in escrow.

These allegations were further amplified by the involvement of DLA Piper, a leading law firm hired by PMI to conduct an internal inquiry. The probe was strengthened by the arrival of PricewaterhouseCoopers, a global accounting firm, after an anonymous whistleblower alerted one of PMI’s major investors, Westfield Partners.

A Trail of Suspicion

The investigations unearthed a disturbing pattern. PMI’s portfolio, which boasted a value exceeding $100 million, was alleged to contain a significant proportion of fraudulent films. Suspicions also arose that PMI had manipulated its most recent audit by creating fictitious email addresses and forging signatures on audit confirmations.

As the accusations mounted, Santor was placed on temporary leave and barred from accessing his corporate email account. The full scale of his alleged activities remains unclear,as authorities continue to investigate the circumstances surrounding his untimely demise.

A Legacy Tarnished

“Throughout my tenure with PMI, I trusted and believed in Mr. Santor’s leadership and commitment to the company,” said Chang-Sang in his affidavit, expressing his profound disappointment. “I did not suspect any wrongdoing.”

Among those who invested in PMI, trusting the company with their funds, were various pension funds associated with Canadian labour unions representing ironworkers, electricians, and construction workers. Funds associated with LiUNA Local 183, representing both active and retired members, were also impacted.

These allegations paint a bleak picture of PMI’s downfall and the potential devastation for its investors, many of whom were hardworking individuals relying on their pension funds for financial security. As legal proceedings continue, the full scope of Santor’s alleged actions and the ultimate fate of Productivity Media Inc. remain to be seen.

PMI: the Rise and fall of a Hollywood Dream Factory

The world of self-reliant film financing can be a treacherous landscape, a place where dreams of silver-screen glory often collide with the harsh realities of balance sheets. This was certainly true for Productivity media Inc. (PMI), a company that promised to bridge the gap between investors and Hollywood, only to find itself ensnared in a web of alleged financial misconduct.

Andrew Chang-Sang, PMI’s co-founder, Archyde news in an exclusive interview. He recalled the early days of PMI, painting a picture of William Santor, PMI’s CEO, as a charismatic visionary with a knack for leveraging Hollywood connections.
Santor attracted high-profile projects like “The Baker” and “The Retirement Plan,” enticed by PMI’s promise of reliable financing and the allure of
Cayman Islands-based tax benefits.

Red Flags in Paradise

Initially, things seemed to be going smoothly. PMI was attracting investors, financing films, and building a reputation within the industry.However, cracks began to appear during a 2022 financial audit in the Cayman Islands.Chang-Sang stumbled upon discrepancies related to Concourse Media, one of PMI’s sales agents. A confirmation letter, signed by James Andrew Felts, raised alarm bells.Felts had reportedly sold his interest in Concourse two years prior, and the email address associated with him didn’t match PMI’s records.

When confronted with these concerns, Santor offered a seemingly plausible explanation. He assured chang-Sang that the split between Felts and his Concourse co-founder was still being finalized, and the email address belonged to Concourse’s new distribution arm. At the time, Chang-Sang accepted Santor’s clarification, a decision he now regrets, admitting he should have delved deeper into the matter.

The Aftermath

As the allegations of financial misconduct against Santor mounted, Chang-Sang expressed his shock and dismay, stating, “I never anticipated or suspected any impropriety on his part.” Santor’s unexpected death in July 2023 added another layer of complexity to the unfolding story, leaving many questions unanswered.

The tragic end to Santor’s life has cast a shadow over PMI’s legacy. As investigators continue to unravel the company’s finances, the full extent of the alleged wrongdoing and Santor’s involvement may finally come to light. The story of PMI serves as a cautionary tale,reminding us of the risks inherent in the world of film financing and the importance of due diligence.

The Fall of a Film Finance Giant: An Inside Look at the PMI Scandal

The world of indie film financing was rocked in early 2024 by the shocking collapse of Production Media Inc. (PMI), a company once hailed as a major player in the industry. Accusations of elaborate fraud, involving a staggering $44.45 million, imposter companies, and diverted funds, painted a devastating picture. How did such a prominent organization, led by the charismatic William Santor, seemingly implode overnight?

A Whistleblower’s warning

The unraveling began when Mimi Steinbauer, president of a respected film production company, contacted PMI’s general counsel Shara Lerman with concerns about the company’s financial practices. This single act triggered a chain reaction, leading to a full-blown investigation that uncovered the alleged scope of the fraud. The revelation sent shockwaves through the industry and beyond,impacting not only PMI’s employees but also investors,including pension funds representing hardworking Canadians.

A Legacy Tarnished: The Complex Aftermath

Andrew Cummings, a key figure at PMI, spoke candidly about the emotional toll of the scandal, describing it as “intricate.” He acknowledged William Santor’s visionary leadership while grappling with the devastating impact of his alleged actions. “I mourn the loss of a colleague and friend,” Cummings said, “but I’m also deeply troubled by the harm caused to investors and the industry.” The PMI saga serves as a stark reminder of the importance of transparency and accountability in the high-stakes world of finance.

Moving Forward: Seeking Justice and rebuilding Trust

In the immediate aftermath, PMI’s priority is cooperating fully with the ongoing investigation and ensuring investors are kept informed.Cummings expressed a commitment to “doing what’s right” and reflecting on the lessons learned. Looking ahead,he hopes to rebuild trust in whatever he undertakes next. The PMI scandal serves as a cautionary tale for the entire industry,emphasizing the need for stringent financial oversight and ethical practices.

For those interested in further understanding the intricacies of this case, a profound documentary delving into the PMI scandal has been released.

What are the potential consequences for investors who lost money due to alleged fraudulent activities at PMI?

Stions unanswered and casting a shadow over PMI’s legacy. The company, onc seen as a promising player in the film financing industry, now faces scrutiny and legal challenges that threaten to unravel its operations entirely.

A Web of Deception

The investigation into PMI’s finances revealed a tangled web of alleged deceit. Santor, who had positioned himself as a trusted figure in the industry, was accused of creating fictitious entities, forging documents, and misappropriating funds. The revelation of fraudulent films within PMI’s portfolio, coupled with the manipulation of audit confirmations, painted a grim picture of the company’s financial health.

Chang-Sang, who had placed his trust in Santor, found himself grappling with the fallout.”I believed in the vision we were building together,” he said. “To learn that it was all built on lies is devastating.” The impact of PMI’s collapse extended beyond its founders, affecting investors, employees, and the broader film industry.

The Human Cost

Among the most affected were the pension funds that had invested in PMI,many of which represented hardworking Canadians. These funds, which included those associated with labor unions like LiUNA Local 183, had entrusted PMI with their members’ retirement savings.The alleged mismanagement and fraud have left these investors facing significant financial losses, with little hope of recovering their funds.

The emotional toll on those involved has been equally profound. Chang-Sang, who had left a stable career at Tim Hortons to pursue his Hollywood dreams, now finds himself at the center of a scandal that has tarnished his reputation and left him questioning his judgment. “I never imagined it would end like this,” he said. “I just wanted to be part of something exciting, something meaningful.”

Lessons Learned

The rise and fall of PMI serve as a cautionary tale for those navigating the high-stakes world of film financing. The allure of Hollywood glamour can often overshadow the need for rigorous due diligence and transparency. As the industry continues to grapple with the fallout from PMI’s collapse, there is a growing call for greater oversight and accountability to prevent similar scandals in the future.

For Chang-Sang, the experience has been a harsh lesson in the importance of trust and integrity in business.”I learned the hard way that not everyone shares the same values,” he said.”But I still believe in the power of storytelling and the magic of cinema. I just hope that, one day, I can find a way to contribute to the industry in a positive and meaningful way.”

As the legal proceedings continue and the full extent of PMI’s alleged misconduct comes to light, the story of Alberto Santor and Productivity Media Inc. serves as a stark reminder of the risks and rewards that come with chasing Hollywood dreams.