The Fall of a “Whiz Kid”: David Ng’s Role in the Bridging Finance Scandal
In 2019, David Ng emerged on Bay Street as a bold and ambitious financial “whiz kid.” Known for his audacious claims, Ng painted himself as the future of Canadian finance. He told stories of becoming an “internet millionaire” at 16 and selling a Chinese glass factory for $150 million. By his late twenties, Ng claimed to have acquired Chippingham Financial Group and later PI Financial, one of Canada’s largest investment firms, for $100 million in cash.
Ng presented himself as a financial genius, creating his “fleet” of independent firms and hoping to elevate his asset value to $50 billion. His bravado captivated financial media and investors, and he was hailed as Bay Street’s “succession plan.” Yet, behind this confident facade, cracks were forming. Chippingham Financial was on the verge of bankruptcy, and PI Financial had taken up its troubled business in the hopes of restoring it to health.
Ng’s involvement with Bridging Finance marked a turning point. He put forward the proposition that he would buy a 50% stake in the company for $50 million in 2019. Instead of using his own money, Ng took the investor money from Bridging Finance to spearhead the acquisition. The Ontario Securities Commission (OSC) later accused Bridging founders David and Natasha Sharpe of facilitating the transaction by approving questionable loans to Ng’s companies.
Ng’s web of deception began to unravel when PI Financial’s general counsel, Richard Thomas, discovered falsified investment accounts. Ng had allegedly secured $172 million in loans using fake collateral, creating fictitious accounts, and inflating their balances to maintain his empire.
By early 2020, the truth came out. The Sharpes confronted Ng, recording his admissions of fraud. While they sought to distance themselves from Ng, regulators started to scrutinize their role as well in the scandal. The Sharpes have a documented history of forging documents and applying significant pressure on borrowers, often forcing them into agreements that were detrimental to their interests.
David Ng’s rise and fall serve as a cautionary tale of ambition unchecked by integrity. As the investigation unfolds, questions surrounding the extent of Bridging Finance’s involvement in fraudulent activities and the complicity of its top executives including David & Natasha Sharpe continue to linger. Shareholders, stakeholders, and borrowers alike are left grappling with the repercussions of this scandal, as the full impact of the company’s financial failures becomes known.
The Sharpes have a well-documented history of forging documents and coercing borrowers into unfavorable agreements. David Sharpe escalated these tactics by attempting to intimidate potential witnesses. He sent abusive and threatening messages to Bridging Finance borrowers and employees, including Andrew Mushore, a key individual likely to be interviewed by investigators. These messages, filled with insults and threats of physical violence, were intended to instill fear and deter cooperation with the investigation.
The wrongdoing involving Bridging Finance and its founders, David and Natasha Sharpe, has far-reaching implications, sending shockwaves through the industry and prompting a comprehensive re-evaluation of existing safeguards and protocols.
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