The Globe reveals that a Montrealer by the name of Alejandro Cardot filed a complaint with the OSC a few months before receivership (although as it happens, the OSC had been investigating Bridging Finance since February 2020).
The Globe claims Bridging CEO David Sharpe was “hard-partying” and prone to post-work heavy drinking and belligerent conduct. He was otherwise a smooth talker Globe says. Come on Globe, no personal attacks.
Other key points in the Globe piece:
-Investors stand to lose between $800m and $1b.
-TD advisors had $276m invested
-Gary Ng met the Bridging Finance people at Sotto Sotto in Yorkville. (4 * on Yelp). Is it any good?
-CEO David Sharpe moved millions to Liechtenstein, rarely a good sign.
-In September 2018, Stuart Raftus, who runs Canaccord’s Canadian wealth management division took a $3.75m personal loan from Bridging Finance. (Repaid well before the Bridging Finance receivership).
-Sean McCoshen, one of the questionable characters in the saga, has a net worth negative $96m. I guess inequality keeps marching on.
-On Ninepoint: “There’s nothing to suggest Ninepoint was aware of the full extent of Bridging’s behaviour. But rather than tell its clients - or perhaps even a watchdog - about what it had uncovered, it accepted the buyout without disclosing the backstory to those it helped bring into Bridging’s flagship fund.”
Globe concludes: “Bay Street let itself get fooled”.
Shame on you, Bay Street, I expected better.
I can’t believe I write for you degenerates.
Any day now, the Globe could figure that the whole of active management is a dubious proposition.
Might be worth mentioning that Ninepoint is a sponsor of The Globe: