Canadian Military Officer's Ukraine Charity Supported by Investment Fund Seeking Profits
A controversial non-profit organization established by a Canadian Forces officer to provide aid to Ukraine received support from an Estonian-based investment fund that openly sought to leverage its involvement for financial gain in the nation's post-war reconstruction. The situation has sparked significant ethical concerns and allegations of financial mismanagement within the charity known as the Mriya Report.
Investment Fund's Strategic Involvement
KJA Digital Assets, an investment firm headquartered in Estonia, explicitly stated in its investor materials that its pro-bono support for the Mriya Report was designed to provide influence with the Ukrainian government and secure preferential access to upcoming financial opportunities. The firm created the Mriya Funds, which required a minimum investment of 1 million Euros (approximately $1.6 million) from participants.
According to archived documents, KJA Digital Assets promoted the funds as a dual-purpose vehicle: supporting Ukraine's recovery while generating substantial investment returns for contributors. The firm's sales pitch emphasized that the rebuilding of Ukraine presented a major investment opportunity capable of delivering superior returns over an extended period.
Charity's Troubled History and Allegations
The Mriya Report, founded by Canadian Forces Captain Joseph Friedberg alongside investment fund executive Alex Ludwig Jacob, was intended to channel all collected funds directly to Ukrainian relief efforts. However, the organization has been embroiled in controversy following the resignation of most volunteers in September 2024, who cited "various ethical concerns" about the non-profit's operations.
In a January 2026 social media broadcast, Mriya Report co-founder Ryan Meyer detailed numerous allegations of financial improprieties, which he attributed directly to Friedberg. Meyer claimed that donations intended for Ukraine were instead diverted to cover expenses including pizza purchases, transactions at Home Depot and Best Buy, unauthorized payments to volunteers, and even payments to a convicted felon with connections to former U.S. President Donald Trump.
Conflicting Accounts and Current Status
Friedberg has consistently denied receiving any compensation for his work with the Mriya Report and maintained that no volunteers received funds from the organization. In a 2022 email to the Ottawa Citizen, he emphasized his commitment to transparency and professionalism in the charity's operations.
Similarly, Jacob praised Friedberg in correspondence with the same publication, describing him as demonstrating "the highest calibre of transparency and professionalism." Despite these assertions, the investment fund behind the charity has since entered bankruptcy proceedings, according to credit notices from Dun and Bradstreet.
The current whereabouts of funds collected for the Mriya Funds remain unknown, and attempts to contact KJA Digital Assets have proven unsuccessful, with emails bouncing back and the company's Estonian phone line appearing disconnected. Jacob has not responded to multiple requests for comment regarding the allegations and the fund's collapse.
Broader Implications and Ethical Questions
This case raises significant questions about the intersection of humanitarian aid and investment opportunities in conflict zones. The involvement of a Canadian military officer in a charity that became entangled with profit-seeking investment vehicles creates complex ethical dilemmas regarding the appropriate boundaries between charitable work and financial speculation.
The situation also highlights the challenges of maintaining transparency and accountability in non-profit organizations operating in high-stakes environments like war-torn Ukraine, where the urgency of humanitarian needs can sometimes overshadow proper financial oversight and governance structures.
