HEARING PANEL RULES ON REMAINING COUNTS IN ONE PAGE DECISION, BUT
REFUSES TO ISSUE FINDINGS OF FACT AND REASONS FOR DECISION UNTIL AFTER
TORONTO, July 23, 2012 /CNW/ - Northern Financial Corporation (TSX-V:
NFC) ("Northern Financial" or the "Company") announced an update of the proceedings by IIROC in respect of its
wholly owned subsidiary, Northern Securities Inc. ("Northern Securities"), its Chairman and Chief Executive Officer, Vice President and Chief
Compliance Officer and former Senior Vice President and Chief Financial
Officer (together, the "Respondents").
IIROC Drops Two of Five Allegations
On May 7, 2012, the first day of the Hearing, IIROC Staff withdrew two
of the five allegations set out in the Notice of Hearing dated July 29,
Interim Decisions by the Hearing Panel
During the course of the Hearing, the Hearing Panel made several interim
decisions which were unfairly prejudicial to the Respondents' ability
to make full answer and defence.
IIROC Hearing Panel's Decision on Remaining Counts
The Hearing Panel today issued its decision orally, and despite the
Hearing lasting approximately four weeks, distributed a one page
written decision consisting of one sentence conclusions against the
Respondents, which simply repeat allegations in the Notice of Hearing.
The Hearing Panel has scheduled a penalty hearing on October 11 and 12,
2012, but the Hearing Panel has also ruled that it will not be
providing the Respondents with written reasons and factual findings
prior to the penalty hearing.
Appeal by the Respondents
Northern Securities, its Chief Executive Officer and Chief Compliance
Officer will be appealing the decisions of the Hearing Panel.
About Northern Financial Corporation
Northern Financial Corporation wholly owns Northern Securities Inc., a
full service investment dealer that provides financial advisory
services to retail and institutional clients and investment banking
services to small capitalization companies.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release. This press release may contain
forward-looking statements with respect to the Company, its operations,
strategy, financial performance and condition. These statements
generally can be identified by use of forward looking words such as
"may", "will", "expect", "estimate", "anticipate", intends", "believe"
or "continue" or the negative thereof or similar variations. The actual
results and performance of the Company discussed herein could differ
materially from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Important factors that
could cause actual results to differ materially from expectations
include, among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in the Management's Discussion and
Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements
attributable to the Company and persons acting on their behalf. Unless
otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update
SOURCE: Northern Financial Corporation
For further information:
Director of Business Development