in its alleged fraud case against three of the private lender’s leaders.
The OSC has formally charged David and Natasha Sharpe, the husband-and-wife duo that ran Bridging Finance, with fraud. Bridging’s former chief compliance officer, Andrew Mushore, has also been charged with fraud. The regulator’s enforcement hearing started in June. On Wednesday, OSC lawyers went into the most detail on the loan involving Mr. Gautam. The regulator has previously alleged that the Sharpes asked Mr. Gautam to accept a “back-to-back loan” – an arrangement whereby he would receive a $35-million loan from Bridging, only to turn around and lend that money back.
On Wednesday, Mr. McCluskey said the approval process for this loan was “unusual.” For one, David and Natasha Sharpe called him early on a Saturday morning in September, 2018, to brief him on the loan – something they had never done before. Their false explanation for the extra care, he alleges, was that the borrower was considering making an investment in Bridging Finance, so they had to be careful concerning any conflicts of interest.
As well, Mr. McCluskey testified that the approval process for a $32-million loan to Mr. Ng was unusual. When the loan was sent to the credit committee for approval, Mr. McCluskey said he noticed that the borrower named was a Manitoba numbered company, but the owner was not listed.
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