Decision in brief: Bridging Finance Inc, Enforcement Proceeding, Sanctions and Costs, June 17, 2025

In an earlier decision, the Tribunal decided that Bridging Finance Inc. and three of its senior employees – David Sharpe, its chief executive officer; Natasha Sharpe, its chief investment officer; and Andrew Mushore, its chief compliance officer – either carried out or participated in one or more frauds. The Tribunal also decided that the respondents interfered with the Commission’s investigation, some more than others.

In this decision, the Tribunal decided what sanctions and costs it should order against David, Natasha and Mushore. The Commission did not ask for any sanctions against Bridging.

The Tribunal decided that:

• David must pay an administrative penalty of $3,600,000 and is permanently banned from participating in Ontario’s capital markets. His fraudulent misconduct was very serious, it harmed investors, he was experienced in the financial services industry, and he manipulated and threatened others.
• Natasha must pay an administrative penalty of $1,950,000 and is permanently banned from participating in Ontario’s capital markets, except that after she pays that penalty, plus other amounts mentioned below, she can trade in certain registered accounts, such as an RRSP. While she was less involved in the frauds than David, she did have significant experience in the financial services industry and was in a position of authority where she could have stopped the misconduct but did not.
• Mushore must pay an administrative penalty of $50,000 and is banned from participating in Ontario’s capital markets for 10 years, except that after he pays that penalty, he can trade in certain registered accounts. The sanctions against Mushore are lower because of his inexperience, his vulnerability to manipulation by the Sharpes and his co-operation with the Commission and Bridging’s receiver.

The Tribunal also decided that David must disgorge (give up to the Commission) $18,053,770.26 and Natasha must disgorge $750,000. David and Natasha are also responsible for disgorging another $2,000,000 together. These figures represent amounts they obtained through their involvement with the frauds.

Finally, the Tribunal decided that David must pay $784,648.64 in costs to the Commission and Natasha must pay $422,503.10. Mushore does not have to pay any costs since he cooperated with the Commission and did not contribute to the Commission’s costs in a significant way.