**Title:** Ontario Regulators Seek Bankruptcy for Bridging Finance Executives
**Meta Description:** Ontario regulators aim to bankrupt David and Natasha Sharpe, former Bridging Finance leaders, over unpaid sanctions and fraud penalties.
**URL Slug:** ontario-regulators-bankruptcy-bridging-finance-executives
**Headline:** Ontario Securities Commission Moves to Bankrupt Sharpe Couple Over Fraud Penalties
The Ontario Securities Commission (OSC) has initiated bankruptcy proceedings against David and Natasha Sharpe, the former executives of Bridging Finance Inc., following their failure to pay substantial sanctions. This action comes after a ruling by the Capital Markets Tribunal in June, which mandated the couple to repay over C$20 million (approximately $14.5 million) to investors and imposed administrative penalties exceeding C$5 million due to fraud-related findings.
David Sharpe served as the CEO of Bridging Finance, while Natasha Sharpe held the position of chief investment officer until the company’s collapse in 2021. The tribunal’s investigation revealed that the Sharpes were involved in three distinct securities frauds, diverting more than C$100 million in investor funds, impacting around 26,000 unitholders.
The OSC’s recent filing aims to appoint a trustee to oversee the couple’s assets and scrutinize specific transactions they conducted. PricewaterhouseCoopers Inc. was previously designated as the receiver for Bridging Finance after the OSC intervened due to escalating concerns regarding governance and the misuse of investor funds. PwC has been actively pursuing recovery efforts against former executives and associated parties while managing the wind-down of the Bridging funds.
The Bridging Finance scandal, which saw the firm managing over C$2 billion at its peak, has emerged as one of the most significant fraud cases in Canadian fund management history. The Sharpes are currently appealing the tribunal’s decision, with hearings yet to take place.
In light of these developments, the OSC emphasizes the necessity of the bankruptcy filings to ensure a thorough examination of the couple’s financial dealings.
**FAQ Section:**
**Q: What led to the bankruptcy filing against David and Natasha Sharpe?**
A: The OSC filed for bankruptcy due to the Sharpes’ failure to pay over C$25 million in sanctions and penalties related to fraud findings from their time at Bridging Finance.
