The Ontario Securities Commission has filed applications under the Bankruptcy and Insolvency Act to petition David Sharpe and Natasha Sharpe into bankruptcy and appoint a trustee over their assets, following their failure to pay financial sanctions and costs ordered by the Capital Markets Tribunal. The unpaid amounts stem from a June 17, 2025 Tribunal order that included millions of dollars in disgorgement and administrative penalties. The Sharpes, former chief executive officer and chief investment officer of Bridging Finance Inc., were found by the Tribunal in October 2024 to have perpetrated or participated in three securities-related frauds involving the diversion of more than USD 100 million in investor funds affecting more than 26,000 unitholders. The Sharpes have appealed the Tribunal decisions, while the OSC says the bankruptcy applications are being brought now to preserve the powers of any trustee appointed and the Court to review certain transactions made by the Sharpes. The OSC framed the bankruptcy filings as a further step aimed at identifying, recovering and securing the Sharpes’ assets, potentially supporting recoveries for Bridging Finance unitholders; it also noted that PricewaterhouseCoopers Inc. was appointed receiver and manager over Bridging Finance and related entities in April 2021.
Ontario Securities Commission 2025-08-27
Ontario Securities Commission files Bankruptcy and Insolvency Act applications to bankrupt former Bridging Finance executives and appoint a trustee
The Ontario Securities Commission (OSC) filed for bankruptcy against David and Natasha Sharpe under the Bankruptcy and Insolvency Act, after they failed to pay financial sanctions ordered by the Capital Markets Tribunal. The Tribunal found the Sharpes, former Bridging Finance Inc. executives, involved in securities fraud diverting over USD 100 million. The OSC aims to recover assets for Bridging Finance unitholders, with PricewaterhouseCoopers Inc. appointed as receiver and manager over related entities.