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Ontario’s securities regulator on Wednesday extended the suspension of trading in securities held in lender Bridging Finance Inc.’s funds after it was alleged to have mismanaged and misappropriated investment funds.

The Ontario Securities Commission, which on April 30 ordered all trading in the securities cease for 15 days, extended that time frame to Aug. 12. Some of these securities are traded on online fund distribution network Fundserv.

The OSC said on Friday that PriceWaterhouseCoopers, which had been appointed as receivers for Bridging Finance, had terminated Chief Executive David Sharpe.

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Editor’s note: A previous version of this story incorrectly stated that Bridging Finance Inc. was found to have mismanaged and misappropriated investment funds.

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