HEARING PANEL RULES ON REMAINING COUNTS IN ONE PAGE DECISION, BUT REFUSES TO ISSUE FINDINGS OF FACT AND REASONS FOR DECISION UNTIL AFTER PENALTY HEARING
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, 2011.
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.
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SOURCE: Northern Financial Corporation
Director of Business Development