Ontario Securities Commission Issues Cease Trade Order Against NorthStar Gaming

NorthStar Gaming has been ordered to stop trading stock in Canada after the Ontario Securities Commission issued a Failure-to-File Cease Trade Order. 

This move prevents the operator of NorthStar Bets from trading on the TSX Venture Exchange, where it has been listed since 2023. While trading activity is affected, the company’s betting platform remains operational for users in Canada.

Delayed financial filings trigger cease trade order

The regulatory action stems from NorthStar’s failure to submit audited financial statements for the year ending 31 December 2025.

Filing these statements is a requirement under Ontario securities law. However, the company has been unable to complete the process due to issues raised by its independent auditor.

As of 6 May 2026, the auditor withdrew its previous report issued on 14 May 2025, covering the 2024 financial period. This means the auditor no longer considers the earlier financial statements reliable. Without their approval, NorthStar cannot complete its 2025 filings, which led directly to the cease trade order.

The company had applied for a Management Cease Trade Order. But due to this delay, the Ontario Securities Commission rejected its request, citing concerns that NorthStar Gaming would not meet the timeline.

Auditor concerns linked to technology partner systems

The underlying issue relates to one of NorthStar’s technology partners. According to the auditor, there are concerns about the reliability of the partner’s player account management software.

A new systems report has been requested, contributing to the delay in financial filings. NorthStar has disputed the auditor’s position, confirming the reliability of the previous vendor report and its data integrity measures. Importantly, there has been no allegation of wrongdoing or misconduct tied to the issue.

Leadership changes and next steps for compliance

Former CEO Michael Moskowitz stepped down in December after four years in the role, following concerns about cash flow and liquidity.

Corey Goodman has taken over as interim chief executive. At the same time, audit committee chair Barry Shafran also resigned. The cease trade order will remain in place until NorthStar submits its outstanding financial filings. If the company completes the filings within 90 days, it can apply for revocation of the order.

NorthStar has not provided a specific timeline for when the filings will be completed but said it will update the market once progress is made. In lieu of this, the company has postponed its Annual General Meeting to 25 May.

The Ontario Securities Commission has enforced regulatory action on NorthStar Gaming. Due to issues raised by its auditor, the company failed to file financial statements for FY25, resulting in the order to cease trading activities. Plans are underway to resolve this dispute, with a new systems report already requested.