Former Bridging Finance CEO Sues the Ontario Securities Commission

TORONTO, Dec. 22, 2022 /CNW/ - David Sharpe, former CEO of Bridging Finance Inc., has initiated a $35 million civil claim against the Ontario Securities Commission ("OSC") in addition to his previously filed abuse of process challenge.

Both proceedings are based upon the violation of Mr. Sharpe's privacy rights and the reputational damage caused when the OSC unlawfully and publicly disclosed Mr. Sharpe's compelled testimony, contrary to the legislation which governs its conduct. The Capital Markets Tribunal has concluded that this intentional breach was a serious contravention of the Ontario Securities Act ("OSA").

Brian Greenspan, counsel to Mr. Sharpe stated that: "The results of this unlawful conduct have been devastating to Mr. Sharpe, BFI, and to investors. The OSC, contrary to decades of jurisprudence, including from the Supreme Court of Canada, has taken the untenable position that it is not subject to the confidentiality requirements of the OSA. There has been a serious wrong for which the only meaningful remedies are a combination of a stay of the proceedings and the payment of damages."

SOURCE Greenspan Humphrey Weinstein LLP

Brian Greenspan, Counsel to David Sharpe, Greenspan Humphrey Weinstein LLP, [email protected]; Nicolas M. Rouleau, Counsel to David Sharpe, Nicolas Rouleau Professional Corporation, [email protected]