The financial empire of Atlantic Canadian billionaire John Risley is facing unprecedented scrutiny following explosive court filings and a high-profile lawsuit from a longtime business associate. As of 19 February 2026, documents revealed in the Nova Scotia Supreme Court indicate that Risley’s primary investment vehicle, CFFI Ventures Inc., is grappling with debts exceeding US$776 million.
The legal turmoil intensified on 18 February 2026, when Brendan Paddick, a prominent businessman and Risley’s associate of over two decades, filed a lawsuit claiming CFFI Ventures owes him more than $22 million. The suit coincides with reports of a significant shift in ownership within the firm, marking a turbulent chapter for the man once dubbed Canada’s “lobster mogul.”
The Rise of a Seafood Empire
Born on 26 April 1948, John Risley transformed a small roadside lobster shop in 1976 into Clearwater Seafoods, which grew to become one of the largest shellfish companies in the world. His career has been defined by aggressive expansion and diversification into various sectors, including:
- Fisheries: The foundation of his wealth through Clearwater, which was sold in a landmark $1 billion deal in 2021 to a partnership between Premium Brands and a coalition of Mi’kmaq First Nations.
- Communications: Significant interests in Columbus Communications and later C&W Communications.
- Renewable Energy: Recent ventures into green hydrogen and subsea energy grids intended to connect Atlantic Canada to global markets.
Current Financial and Legal Challenges
The recent court disclosures have sent shockwaves through the Atlantic Canadian business community. The US$776 million debt load reported in court documents suggests a liquidity crisis at CFFI Ventures. The lawsuit filed by Brendan Paddick is particularly notable given the pair’s long history of collaboration in the telecommunications and investment sectors.
Despite these setbacks, Risley remains a central figure in the region’s economy. He has recently been vocal about the need for Atlantic Canada to regain its “entrepreneurial instincts,” even as he navigates the restructuring of his own holdings. His current projects outside of CFFI include ambitious plans for a network of subsea cables to form a regional energy grid.
Legacy and Recognition
John Risley is an Officer of the Order of Canada and has been a frequent honouree at national business forums, including the Public Policy Forum’s Testimonial Dinner. While his biography, Net Worth by Quentin Casey, paints a picture of a university dropout who built a billion-dollar empire through sheer resilience, his current legal battles represent the most significant challenge to that legacy to date.
| Key Fact | Details |
|---|---|
| Reported Debt (CFFI) | US$776 Million (as of Feb 2026) |
| Recent Lawsuit | $22 Million claim by Brendan Paddick |
| Primary Business | CFFI Ventures / Clearwater Seafoods (Co-founder) |
| Birth Date | 26 April 1948 |