KGIC Inc LGLTF

Best use of new CFO's talent at LOY

[Muddywater2013]

Count 5 (a): NSI, Mr. Alboini, as Ultimate Designated Person, and Mr. Chornoboy, as Chief Financial Officer from February 2008 to February 2009, filed or permitted to be filed "inaccurate monthly financial reports which failed to account for leasehold improvement costs, thereby misstating NSI’s risk adjusted capital", contrary to IDA By law 17.2 and IIROC Dealer Member Rule 17.2. The Hearing Panel imposed the following penalties on the Respondents: (i) For Mr. Alboini: - A 2 year suspension in all capacities; - A permanent ban as UDP; - Count 1: a fine of $500,000; - Count 3: a fine of $100,000; - Count 5a: a fine of $25,000; and, - Disgorgement of commission regarding Count 1 trades. (ii) For Mr. Vance: - Two 3-month suspensions in any supervisory capacity, to run concurrently; - Count 2: a fine of $25,000; - Count 3: a fine of $25,000; (iii) For Mr. Chornoboy: - Count 5a: a fine of $25,000; (iv) For NSI: - Count 3: a fine of $250,000; - Count 5a: a fine of $50,000; Read more at https://www.stockhouse.com/companies/bullboard/v.loy/loyalist-group-limited#Zpz7eDyZ6GWJ1jWR.99