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A Toronto-based investment management firm with $2 billion in assets under management has been put into court-approved receivership while the Ontario Securities Commission conducts an investigation into questionable related-party transactions and movement of funds to personal bank accounts.
In an unusual twist, David Sharpe, the chief executive and one of the main operators of Bridging Finance Inc., which raises capital from investors to make loans to corporate borrowers in exchange for limited partnership units, is himself a former mutual fund regulator.
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OSC alleges Toronto-based Bridging Finance 'mismanaged' funds, breached 'numerous' laws Back to video