TO Market The investigation into the sudden closure of a major home renovation company has uncovered unfinished projects, allegations of fraud and an ongoing police investigation. The company is AGM Renovations, based in Ontario, and the search for answers took Market journalists thousands of miles abroad to find the man behind the company.
The situation, one politician said, reveals the weaknesses of a system with very few viable options for consumers affected by business closures. Those options include taking the matter to court, going back to the company for a refund and contacting a provincial consumer protection authority for help. In the case of the closing of the Annual General Meeting, each option brings its own challenges.
Drew Carmichael hired AGM Renovations to work on his Oshawa, Ontario home in August 2024. The company was supposed to convert his basement into a legal apartment. But at the end of September, his $150,000 loan was maxed out and there wasn’t much to show for it.
When AGM announced its closure on February 14 this year, it said the project was only 30 to 40 percent complete. “There are all kinds of improvements and materials that were part of that construction that were never delivered,” he said.
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Carmichael hired new contractors to finish the job and said he paid at least $150,000 on top of money he owes to loan company Financeit. The experience, he said, has also taken a toll on his health. “My blood pressure and all the metrics related to my heart and so on have [markedly] “It has deteriorated in the last six or nine months.”
He is now one of eight plaintiffs in a joint lawsuit against AGM Renovations and CEO Ivan Atanasov. The allegations include fraud, negligence and breach of contract, for which the plaintiffs seek $1,360,655.58 in damages.
For Carmichael, going to court is worth the cost and effort, but the path forward is uncertain. His lawyer has been unable to locate Atanasov. And although some of the cases brought against AGM and Atanasov resulted in default judgments, there is no guarantee that the plaintiffs will get their money back.
NDP consumer affairs critic Tom Rakocevic says the current consumer protection regime sends too many people to court. “The government is not willing to enforce the law, nor to carry out the investigation,” he said. “People are forced to go to court, wasting time and money.”
Market has learned that there may be additional legal consequences for AGM and Atanasov. The Halton Regional Police Service in Ontario confirmed it is currently investigating two complaints against the company, but did not provide further details.
Ontario Consumer Protection: Your Complaint Will Go Nowhere
Ramon Guanzón of Cambridge, Ontario, hired the company to work in his basement in January 2025. He also obtained a loan from Financeit to help cover the cost of the project and delivered $66,449.14 to AGM on February 7. Unfortunately for Guanzón, the company announced it would be closing permanently a week later.
“I was surprised,” he said. None of the work was completed and he says he received no materials for the project.
“I got ripped off. That’s how I felt.”
Guanzón has not received a refund from AGM despite his attempts to contact the company directly.
Faced with a lot of debt and no job to show, Guanzón did what experts say consumers should do: She contacted Consumer Protection Ontario for help. Market documented the call and captured a touching moment that Guanzón described as “very disappointing.”
When he asked if he could file a complaint, the representative told him that “it goes nowhere.” He added that his experience with AGM “was not within our scope.” Instead, he directed Guanzón to the Better Business Bureau, the Office of the Superintendent of Bankruptcy and the Canadian Anti-Fraud Centre. Guanzón still chose to file complaints against AGM and Financeit. The results are pending.
Rakocevic said the response was surprising and frustrating. “You hear it from the minister, from the government, from the premier himself: ‘Call Ontario Consumer Protection. Register that complaint,'” he said. “This is exactly the type of calls they should be very interested in receiving and dealing with.”
We share Guanzón’s experience with Stephen Crawford, minister of public and business services delivery and procurement. Oversees Ontario Consumer Protection. In a statement, its spokesperson said: “Concerns raised are reviewed on a case-by-case basis to determine appropriate action. Depending on the circumstances, this may include referrals, mediation or enforcement action.”
Market He also asked Ontario Premier Doug Ford to weigh in. Premier Ford promised to investigate the incident, saying: “I can’t stand it when they say nothing can be done. A lot of people put in their life savings and then something happens or the company goes bankrupt. We have to protect them.”
Rakocevic says the province is not doing exactly that. That is why he calls for a new independent consumer watchdog. “Someone who could issue fines, someone who had the money and resources to conduct investigations, look at industry-wide practices and more, and hold bad actors accountable,” he said.
Tracking Atanasov
For those who believe Atanasov acted in bad faith when he closed the AGM, accountability has been a challenge.
Market He checked the AGM Renovations head office and found a locked door and no staff on site. The journalists also visited the residence listed in Atanasov’s corporate documents. He was not there and did not respond to a message left by co-host Asha Tomlinson afterwards.
With the help of his colleague Ivan Angelovski from CBC’s visual investigations unit, Market He tracked Atanasov to a house in Bulgaria, a country he is known to have ties to. Property records confirmed he bought a home there earlier this year. A team traveled to Bulgaria to try to get answers for Carmichael, Guanzon and other clients left in the lurch by the company’s closure.
The plan was to approach Atanasov at the house. But first, the team stopped to inspect two buildings linked to AGM’s CEO. The police detained the journalists twice. A security consultant advised the team to leave the country for fear that a third confrontation with police could lead to their detention or possible arrest.
So Market He sent Bulgarian journalist Maria Cheresheva to the house and watched events unfold remotely from nearby Romania.
Cheresheva rang the doorbell several times before a voice answered over the loudspeaker. “Hello, Ivan Atanasov?” she said. The voice responded in Bulgarian: “Yes, yes. I am listening.” To you.” But when Cheresheva asked about his response to AGM customers who feel betrayed, the speaker was silent.
Market He attempted to contact Atanasov for a written statement, but received no response.
For its part, lending company Financeit has also sued AGM Renovations and Atanasov, alleging fraud and deceptive business practices.
The company said Market in a statement, “When a company like AGM closes after funds have already been released with customer approval, both the owners and Financeit are left in a difficult position. While we cannot comment on individual cases, in the rare cases where there are disputes, we review each situation and find the best solution based on the individual circumstances.”
Guanzón said he accepted an offer from the company to reduce his debt by 50 percent.
