TORONTO, June 9, 2015 /CNW/ - On June 5, 2015, the Divisional Court dismissed an appeal by Victor Alboini and Northern Securities Inc. (Northern) from two Ontario Securities Commission (OSC) decisions dated December 19, 2013 and September 11, 2014.
The Commission upheld findings by an Investment Industry Regulatory Organization of Canada (IIROC) panel, which found that Alboini had improperly obtained access to credit for one of his clients, Jaguar Financial Corporation, and thereby engaged in conduct unbecoming or detrimental to the public interest contrary to IIROC Rule 29.1. The Commission also found that Alboini and Northern breached IIROC Rule 17.2 in respect of the filing of inaccurate monthly financial reports, which resulted in a misrepresentation of Northern's risk adjusted capital.
The Commission conducted a hearing on sanctions and costs and ordered that Alboini pay a $250,000 fine, disgorge $244,985 in commissions, that he be suspended from registration in all capacities for one year and from registration as an Ultimate Designated Person for two years, and that Northern pay a $50,000 fine. The Commission also reprimanded Alboini and Northern and ordered costs of $62,500 and $10,000, respectively, against them.
The Divisional Court held that the Commission's decisions were reasonable, and as such, there was no basis to interfere with those decisions.
For information about the appeal, contact the Court, referencing the Appellants and the Court file number 45/14. Appeals are heard by the courts, and any information relating to them is only available from the courts. Documents relating to the OSC proceedings in this matter, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
SOURCE Ontario Securities Commission
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