The cascaded H-Bridge multilevel active rectifier is an emerging converter topology, which offers significant advantages, such as modularity and high flexibility for a wide range of applications, including traction systems, industrial automation plants, uninterruptable power supplies, and battery chargers. However, the need for stable operation of the H-Bridge cells at asymmetrical voltage potentials and unbalanced loads imposes demanding requirements, in terms of an advanced and accurate control strategy. This paper introduces a simple and powerful solution to the mentioned problems, based on constrained Model Predictive Control (MPC). The proposed nonlinear controller achieves low input current harmonic distortion with almost unity power factor, as well as independent regulation of the H-Bridge cells, both under steady state and transient conditions. The effectiveness of the novel control algorithm is demonstrated by means of simulations as well as preliminary experimentation on a single-phase laboratory setup.