AGM Renovations Abruptly Closes Leaving Customers with Limited Options

A recent investigation by Emegypt revealed significant issues surrounding the sudden closure of AGM Renovations, a prominent home renovation company in Ontario. The closure has left many customers with unfinished projects and allegations of fraud against the company and its CEO, Ivan Atanasov.
AGM Renovations’ Closure: Key Details
With the announcement of its closure on February 14, 2023, AGM Renovations has been at the center of controversy. Customers report incomplete work and financial losses after investing significant amounts.
For instance, Drew Carmichael initiated a basement renovation project in August 2024 at his home in Oshawa. He secured a loan of $150,000, but by the project’s end in September, only 30-40% of the work was completed. This led him to hire new contractors, costing him an additional $150,000.
Consumer Impact and Legal Action
- Carmichael is one of eight plaintiffs in a joint lawsuit against AGM, seeking over $1.3 million in damages.
- Allegations include fraud, negligence, and breach of contract.
- Challenges include difficulty locating Atanasov, despite some cases resulting in default judgments.
Another customer, Ramon Guanzon, hired AGM for a basement renovation in January 2025. After paying $66,449.14, he learned the company was closing the following week without completing any work. His attempts to obtain a refund were unsuccessful, heightening his frustration.
Challenges in Consumer Protection
Consumers like Guanzon have faced obstacles when seeking assistance. After contacting Consumer Protection Ontario, Guanzon was informed that his complaint “goes nowhere,” leading to disappointment.
Ontario NDP critic Tom Rakocevic criticized the current consumer protection system, suggesting an independent watchdog is necessary to address such issues. He argued that consumers are often left to fend for themselves in pursuing remedies.
Government Response
In response to the alarming situation, Premier Doug Ford promised to investigate, emphasizing the need for better protections for consumers who invest their life savings.
Investigation and Accountability
Tracking down Atanasov proved challenging. Investigators found AGM’s office abandoned and were unable to locate him in Ontario. Reports indicate that he currently resides in Bulgaria, where he has purchased property this year.
Attempts to contact him for comments regarding the closed company and customer concerns yielded no response. Moreover, Financeit, the loan company involved, is also suing AGM for fraud and deceptive practices.
Conclusion
The abrupt closing of AGM Renovations underscores the vulnerabilities within consumer protection systems, leaving many customers seeking accountability. As investigations continue, the resolution for affected customers remains uncertain.