Heat the vegetable stock in a saucepan. Keep hot on the back burner.
Melt butter in a wide heavy-bottom pot over medium heat. Add onions and cook for 5 minutes. Stir in the garlic and cook for another 2 minutes.
Add the rice and cook for five minutes, stirring to ensure it doesn't burn. Add the wine and cook until it's absorbed.
Add 2 cups of the hot stock, stirring until it's absorbed. Continue adding stock, a ladle or two at a time, stirring and making sure it is absorbed before adding the next ladle. Add stock until the rice is al dente.
Add salt, pepper, and cream. Cook for another 2 minutes.
Spread the risotto evenly on a sheet pan to cool completely.
Drain the tomatoes in a strainer, pressing firmly to make sure all extra liquid is removed. Mix the risotto, drained tomatoes, cheeses and basil together in a large bowl.
Using a 2oz scoop, portion the mixture and roll into balls. Bread each ball by rolling first in the flour, then egg wash, then panko. Refrigerate to chill completely before frying.
Make the red pepper cream sauce. Puree the red peppers until almost smooth.
Heat the canola oil and garlic in a pot over medium heat. Cook until garlic starts to brown. Add the white wine and reduce by half. Add cream, pureed peppers, salt and pepper. Bring to a simmer.
In a small bowl, mix cornstarch with 2 tablespoons cold water until smooth. Add to the cream sauce as needed to thicken to desired consistency. Make sure to bring sauce to a full simmer after adding the cornstarch slurry. Remove from heat and stir in basil.
Heat 3 inches of canola oil in a large pot or dutch oven to 350℉. Fry the balls in batches until golden brown. Drain on sheet lined with paper towels and season immediately. Serve with red pepper cream sauce.