Bridging Finance Inc.
Bridging Finance Inc. was a Canadian private lender whose investment-fund business entered receivership in 2021 after regulators uncovered extensive fraud and related-party misconduct.
Last updated August 31, 2026
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Overview
Bridging Finance Inc. was a Toronto-based Canadian private lending company established in 2012. It originated and administered private credit investments, principally through investment funds that provided loans to businesses and other borrowers. The company expanded substantially during the 2010s and at its peak managed approximately C$2.1 billion for about 26,000 investors, making it one of the more significant private-credit platforms in Canada. The company was launched with capital provided by Natasha Sharpe and Coco family business owners Jenny Coco and Rocky Coco. Sharpe had previously worked in commercial banking at the Bank of Montreal and had developed a professional relationship with the Coco family through her work with Coco Paving. In 2019, Sharpe and other shareholders agreed to sell half of Bridging's equity to businessman Gary Ng for C$50 million. Regulators later alleged that the transaction was financed in part through a C$32 million loan from one of Bridging's investment funds, creating a conflict between the interests of the fund investors and the company's shareholders. Bridging's business model depended on private loans and the valuation and collection of loan assets held by its funds. Regulatory findings later identified undisclosed related-party transactions, improper use of investor money, misleading disclosures, document manipulation, and payments that lacked legitimate commercial purposes. Investigators also examined loans connected to businessman Sean McCoshen, the use of fund assets in a transaction involving Ninepoint Partners and Sprott Bridging Income Fund LP, and loans to companies controlled by Gary Ng. Ontario securities authorities alleged that money from borrowers or fund transactions was redirected for the benefit of company principals and shareholders. The Ontario Securities Commission obtained a court order placing Bridging into receivership on April 30, 2021. PricewaterhouseCoopers was appointed receiver and terminated David Sharpe and Natasha Sharpe shortly afterward. The receiver initially explored selling the company's debt portfolio, but concluded in 2022 that bids were below the likely value of an orderly liquidation. The court consequently supported a longer run-off strategy intended to maximize recoveries over approximately five years. PwC estimated that investors might recover roughly 34% to 42% of the relevant assets, implying losses of about C$1.3 billion. The collapse generated litigation and regulatory proceedings involving the company's former executives, borrowers, shareholders, auditors, and other participants. The Ontario Capital Markets Tribunal ruled in October 2024 that David Sharpe and Natasha Sharpe had engaged in fraud and related securities-law misconduct, and that former chief compliance officer Andrew Mushore had participated indirectly in the misconduct. The findings included improper related-party transactions, diversion of investor funds, misleading investigators, and document forgery. In June 2025, the tribunal ordered the three respondents to pay more than C$27 million in administrative penalties, disgorgement, and costs. PwC also pursued claims against former auditors Ernst & Young and KPMG, alleging that weaknesses in their audit work allowed misstatements and fraud to remain undetected. In March 2026, the OSC commenced enforcement proceedings against KPMG concerning audits of Bridging funds conducted in 2019 and 2020. The regulator alleged inadequate work on loan valuation and insufficient scrutiny of management assumptions; KPMG denied the allegations and said it would defend its audit work. Bridging Finance no longer operates as an active lending brand, and its remaining affairs have been handled through receivership, litigation, and investor-recovery processes.
History
Bridging Finance was founded in Canada in 2012 as a private lender and private-credit fund manager. Its early ownership included Natasha Sharpe, Jenny Coco, and Rocky Coco. Sharpe had previously worked in commercial banking at the Bank of Montreal and had served on the board of the Coco Group. The Coco family, whose business interests included Coco Paving, provided capital for the launch. During the 2010s, Bridging expanded its lending and fund-management activities. Its investment vehicles raised money from investors and deployed the proceeds into private loans to businesses and other borrowers. The company became a significant participant in Canada's private-credit market. By the time of its collapse, the funds associated with Bridging managed approximately C$2.1 billion for about 26,000 investors. Ownership changed materially in 2019, when Natasha Sharpe and other shareholders agreed to sell 50% of the company to Gary Ng for C$50 million. Subsequent regulatory proceedings alleged that Ng financed the purchase partly through a C$32 million loan from a Bridging credit fund. The transaction therefore became a central example of the conflicts that regulators said arose when fund assets were used in ways benefiting shareholders rather than investors. The OSC also alleged that Ng-controlled companies received additional loans after he acquired his ownership interest and that payments were made to David and Natasha Sharpe without legitimate commercial purposes. Regulatory investigations examined several other transactions. One involved loans to companies associated with Sean McCoshen. Authorities alleged that McCoshen transferred approximately C$19.5 million to David Sharpe, with most of the money moving through Sharpe's personal account, and that Natasha Sharpe received C$250,000 from a McCoshen-related company. Another involved the use of approximately C$40 million from Bridging client funds in a transaction concerning Ninepoint Partners' management interest in Sprott Bridging Income Fund LP. The OSC alleged that this arrangement ultimately benefited Bridging shareholders. Investigators also alleged that a false loan invoice was created using a borrower's signature taken from an unrelated document, improperly implicating Rishi Gautam. The OSC investigation culminated in the Ontario Court of Justice placing Bridging into receivership on April 30, 2021. PwC became receiver, and David and Natasha Sharpe were terminated soon afterward. The receiver investigated the assets, liabilities, and movement of funds; explored the sale of the loan portfolio; and pursued recovery actions. In 2022, PwC reported that portfolio bids did not reflect the likely value of an orderly liquidation. A run-off strategy was therefore pursued, with estimated recoveries of approximately 34% to 42% and projected investor losses of about C$1.3 billion. The collapse led to extensive litigation involving former principals, borrowers, shareholders, and auditors. PwC sued KPMG in 2023 and EY in 2025, alleging failures to detect or report misstated loan values and financial performance. PwC also sought to trace money transferred by former principals to jurisdictions including Liechtenstein and the Cayman Islands. Separately, the OSC's enforcement case resulted in a 2024 tribunal decision finding David Sharpe, Natasha Sharpe, and Andrew Mushore responsible for fraud and related securities-law violations. The tribunal described undisclosed related-party dealings, diversion of investor funds, misleading investigators, and document forgery. In June 2025, it ordered more than C$27 million in penalties, disgorgement, and costs. In March 2026, the OSC commenced a further enforcement proceeding against KPMG concerning its audits of Bridging funds. Bridging Finance ceased operating as an active business after receivership, with its remaining affairs conducted through recovery and legal processes.
- 2026
OSC brings enforcement case against KPMG
[1]The OSC alleges deficiencies in KPMG's audits of Bridging funds conducted in 2019 and 2020.
- 2025
Tribunal imposes monetary sanctions
[1]The tribunal orders more than C$27 million in penalties, disgorgement, and costs.
- 2024
Ontario tribunal finds former executives responsible for fraud
[1]The Ontario Capital Markets Tribunal rules against David Sharpe, Natasha Sharpe, and Andrew Mushore over fraud and related securities misconduct.
- 2022
Receiver recommends orderly portfolio run-off
[1]PwC reports that portfolio-sale bids are unattractive and recommends collecting and resolving the loan book over an extended period.
- 2021
Receivership begins
[1]The Ontario Court of Justice appoints PwC as receiver on April 30 following the OSC investigation.
- 2019
Gary Ng acquires a 50% ownership interest
[1]Gary Ng agrees to acquire half of Bridging's equity; regulators later allege that the purchase was partly financed with money borrowed from a Bridging fund.
- 2016
KPMG begins auditing the largest fund
[1]KPMG begins auditing the fund initially known as the Sprott Bridging Income Fund.
- 2012
Bridging Finance is founded
[1]The private lender is established in Canada with capital associated with Natasha Sharpe and Coco family investors.
Products and positioning
Private-market lender and manager of private credit funds serving investors seeking exposure to business and commercial lending.
Private investment funds
Bridging private credit funds
Investment vehicles that pooled investor capital and deployed it into private loans to businesses and other borrowers. The funds were the central operating and investment products associated with Bridging Finance. They grew to approximately C$2.1 billion in assets under management before the company entered receivership.
Private credit fund
Sprott Bridging Income Fund
A major Bridging-associated private income fund, initially audited by KPMG beginning in 2016. The fund became relevant to later proceedings concerning loan valuation, related-party transactions, and the alleged use of investor assets in a transaction involving Ninepoint Partners.
Private lending · 2012
Commercial and business loans
Private loans made to companies and other borrowers formed the underlying assets of Bridging's investment funds. The receiver later managed, collected, or liquidated these loans as part of the recovery process.
Controversies
2025
Investor losses and auditor litigation
The receiver estimated losses of approximately C$1.3 billion and pursued claims against former auditors, including KPMG and EY, over alleged failures to detect misstatements and fraud.
2024
Tribunal findings of fraud and securities misconduct
The Ontario Capital Markets Tribunal found David Sharpe, Natasha Sharpe, and Andrew Mushore responsible for fraud-related conduct, including undisclosed related-party dealings, diversion of investor funds, misleading investigators, and document forgery.
2021
Receivership following OSC investigation
Bridging was placed into receivership after the OSC investigated alleged conflicts of interest, misuse of client funds, and misleading disclosures.
Brand decisions
2022
Orderly run-off of the loan portfolioStrategyBackground
PwC received portfolio bids that it considered below the likely value achievable through an orderly liquidation.
Action taken
The receiver recommended retaining and managing the loan portfolio over an approximately five-year run-off rather than selling it immediately.
Aftermath
PwC estimated recoveries of approximately 34% to 42%, with investor losses projected at roughly C$1.3 billion.
Estimated recovery and investor loss. Estimated recovery of 34%–42%; approximately C$1.3 billion in losses (2022 estimates)
2021
Receivership and termination of senior principalsStrategyBackground
The OSC investigation raised concerns about the management of Bridging and its investment funds.
Action taken
The Ontario Court of Justice appointed PwC as receiver, and PwC terminated David Sharpe and Natasha Sharpe shortly afterward.
Aftermath
Bridging ceased normal operations and its assets and loan portfolio were placed under court-supervised administration.
2019
Sale of a 50% equity interest to Gary NgM&ABackground
Bridging shareholders agreed to sell half of the company's equity to Gary Ng for C$50 million. Regulators later alleged that C$32 million of the purchase financing came from a Bridging credit fund.
Action taken
The ownership transaction was completed, after which Bridging allegedly extended further loans to companies controlled by Ng.
Aftermath
The transaction became part of the OSC's fraud case and was cited as an example of investor funds allegedly being used to benefit shareholders.
Purchase price and alleged fund financing. C$50 million purchase price; C$32 million alleged loan financing (2019)
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