1. Homo Erectus's Avatar
    The Ontario Securities Commission has set aside, at least temporarily, a two-year suspension and fine imposed on Victor Alboini, chief executive officer at Northern Securities Inc.

    The OSC, as the stock market watchdog is known, stayed the sanctions pending an appeal by Alboini, Fred Vance, and Douglas Chornoboy, also senior executives at Northern.

    In mid-November, the Investment Industry Regulatory Organization of Canada imposed a two-year suspension and penalties of $750,000 against Alboini.

    Alboini immediately said he would appeal, claiming that while IIROCís hearing panel identified a risk, no actual losses were realized.

    IIROC found following a hearing in the summer that Alboini and two other executives broke several industry rules related to trading practices and regulatory compliance.

    Alboini also acted as chair and chief executive of Jaguar Financial Corp., which focuses on high-net worth clients. He controlled Jaguar and Northern Securities through a holding company called Northern Financial.

    Alboini, a former securities lawyer, has also been a prominent critic and shareholder of troubled Waterloo-based tech firm Research in Motion.

    The OSC, the top securities industry regulator in the province, stayed the sanctions until Dec. 18, giving both sides more time to deal with the appeal.

    The next hearing before the commission is scheduled for Dec. 17.

    OSC sets aside suspension, fine for outspoken RIM critic Victor Alboini pending appeal - thestar.com
    11-24-12 05:28 AM

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