A CBC Marketplace investigation into the sudden closure of Ontario-based AGM Renovations has uncovered unfinished projects, allegations of fraud, and an ongoing police investigation involving the company’s CEO, Ivan Atanasov.
A Marketplace investigation into the abrupt shutdown of AGM Renovations, a high-profile Ontario renovation company, has revealed allegations of fraud, incomplete projects, and multiple ongoing lawsuits. Journalists even travelled to Europe to locate the company’s CEO, Ivan Atanasov, after the company’s closure left customers with mounting losses and limited options for recourse.
Homeowners across Ontario say they were left with unfinished renovations and thousands of dollars in debt. Drew Carmichael, one of several plaintiffs, said his $150,000 basement renovation was less than half complete when AGM abruptly shut down in February 2025. He has since paid another $150,000 to hire new contractors to finish the work. Carmichael and seven others have launched a joint lawsuit against AGM Renovations and Atanasov, alleging fraud, negligence, and breach of contract, and are seeking more than $1.3 million in damages.
For many customers, pursuing justice has proven difficult. Their lawyer has been unable to locate Atanasov, and while some cases have resulted in default judgments, there is no guarantee that any funds will be recovered.
Halton Regional Police confirmed that they are investigating two complaints related to AGM but declined to provide details. The Ontario NDP’s consumer affairs critic, Tom Rakocevic, said the situation highlights a lack of enforcement and accountability, calling for the creation of an independent consumer watchdog with the power to investigate and fine fraudulent operators.
Consumer frustration has been compounded by the province’s own response. When Cambridge resident Ramon Guanzon contacted Consumer Protection Ontario after paying AGM $66,449 for a basement renovation that was never started, he was told his complaint would “go nowhere.” Guanzon has since filed additional complaints with other agencies and accepted a partial debt reduction from Financeit, the loan company involved in his project.
Marketplace reporters attempted to contact Atanasov at his listed Canadian and Bulgarian addresses. Property records confirmed that he purchased a home in Bulgaria earlier this year. When approached by a journalist, Atanasov initially responded through an intercom but refused to comment further.
AGM Renovations’ sudden collapse follows two earlier Marketplace reports examining the company’s work and ties to celebrity contractor Mike Holmes. Financeit has also filed its own lawsuit against AGM and Atanasov, alleging fraud and deceptive trade practices
