The Ontario Superior Court of Justice today approved an application by the Ontario Securties Commission for the appointment of BDO Dunwoody Limited as receiver and manager of Buckingham Securities Corp.

At an OSC hearing held on July 20, the commission extended the Temporary Order made by the OSC on July 6, suspending the registration of Buckingham and prohibiting trading in any securities by Buckingham, Lloyd Bruce, the president and compliance officer of Buckingham, David Bromberg, a salesperson and a director of Buckingham and Harold Seidel.

According to the OSC, Buckingham has a capital deficiency of at least $1 million as at May 31. The company has failed to segregate securities held for its clients as required under Ontario securities law.