Longtime associate of John Risley claims seafood magnate’s firm owes him $22 million

John Risley, second from left, shares a laugh with Brendan Paddick at Clearwater's annual meeting in Halifax on Tuesday, May 15, 2007. (CP PHOTO/ANDREW VAUGHAN) CANADA

ST. JOHN’S — An Atlantic Canadian investment firm run by seafood magnate John Risley is facing a multimillion-dollar lawsuit and a change in ownership.

Brendan Paddick, Risley’s longtime business associate, filed a suit in Nova Scotia’s Supreme Court on Tuesday saying CFFI Ventures owes him more than $22 million.

It was the same day Risley issued a news release saying his investment company had been ordered by a judge to make a plan to transfer its assets to a new owner.

The release says the plan would allow CFFI to arrange its debt and ensure the company is financially sustainable.

When reached by phone, Risley said he had not seen Paddick’s lawsuit and had been advised not to comment further on CFFI’s restructuring.

Risley is best known for co-founding Clearwater Seafoods, and CFFI is a partner in a proposed wind-powered hydrogen operation in western Newfoundland.

The claims in Paddick’s lawsuit have not been tested in court.

This report by The Canadian Press was first published Feb. 18, 2026.

The Canadian Press