The Ontario Securities Commission has a issued a temporary order suspending the registration of Buckingham Securities Corp.

As well, the OSC has issued a temporary cease trading order 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. As well, the OSC alleges that the firm has failed to segregate securities held for its clients as required under Ontario securities law.

The OSC also alleges that securities owned by clients of Buckingham are held in accounts in the name of Buckingham at Rampart Securities Inc., W.D. Latimer Co. Ltd., Canaccord Capital Corp., BMO Nesbitt Burns Inc., Bear, Stearns & Co. Inc., Dundee Securities Corp. and B2B.

Buckingham has liabilities in relation to some of the accounts, and the OSC alleges that securities owned by clients are being used as security for such liabilities.

The commission also ordered that trading by these firms cease in respect of securities held in the name of Buckingham.