09:34:03 EDT Sat 04 May 2024
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Globe says Bridging employees to testify for OSC

2023-06-27 06:43 ET - In the News

The Globe and Mail reports in its Tuesday edition that six senior Bridging Finance employees will be witnesses for the Ontario Securities Commission in its case against the private lender's top executives, suggesting former company insiders will provide additional evidence of Bridging's alleged fraud and deceit. The Globe's Tim Kiladze writes that disclosure of the six insider witnesses was made Monday on the first day of the OSC's enforcement hearing against Bridging Finance and the husband and wife who ran the private lender, David and Natasha Sharpe. Former Bridging Finance chief compliance officer Andrew Mushore is also a defendant. In their opening argument, OSC lawyers alleged the Sharpes directly benefited from a fraud that saw $19-million of investor funds diverted to Mr. Sharpe's bank account, among other alleged misappropriations. All three defendants also allegedly engaged in a "sophisticated and multi-faceted cover up" that included amending loan documents and destroying 34,000 e-mails in a "targeted effort to cleanse the record of evidence that might prove the wrongdoing," said OSC lawyer Mark Bailey. The OSC also alleged that all three defendants provided a "false narrative" to its investigators.

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