Ursa Major Minerals Incorporated T.UMJ

What URSA is missing

[victor2009]

With the failure of the Randy Miller "inspired" takeover of URSA, URSA is missing the input of the proposed replacement Directors put forth in the Inspiration Mining / Forbes & Manhattan slate.

One of those proposed was Randy Miller, whose history of leadership at ISM, in my opinion, earns him the reputation as being the last person one would want offering guidance to a public company.

Forbes & Manhattan also provided the follow bio on another of its choices for Directorship with URSA:

 "Vic Alboini is experienced in mergers and acquisitions and leads an investment bank, Northern Securities Inc. that has raised substantial capital for mining companies."

A recent news item might raise doubts as to Forbes & Manhattan's skill in selecting Directors that, in Forbes & Manhattan's words, are "....experienced professionals in their fields with a clear focus on creating value for all URSA Major shareholders."  Miller was at one time penalized for improper conduct by the BCSC, and although the IIROC action against Alboini/Northern has not been heard as yet, there is an indication of "disregard for regulatory compliance". Doesn't seem like the kind professional experience to be looking for in Directors. Including Miller in a paragraph that purports he has a clear focus on creating shareholder value is laughable - that kind of nonsense brings into doubt the credibility of Forbes & Manhattan expertise.  URSA has suffered a downturn since the failed ISM encounter, but not as bad as the Miller guided ISM.  And in my opinion, URSA's present Board of Directors is multiple times superior to the slate that Forbes & Manhattan proposed - and that of ISM.

What URSA is missing in avoiding the ISM/Forbes & Manhattan vision is something you would want to avoid. Its like being told you're missing a root canal.

IIROC announces disciplinary hearing for Northern Securities Inc., Victor Philip Alboini, Douglas Michael Chornoboy and Frederick Earl Vance

October 5, 2011 (Toronto, ON) – A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a disciplinary hearing for Northern Securities Inc., Victor Philip Alboini, Douglas Michael Chornoboy and Frederick Earl Vance.

The disciplinary hearing concerns allegations that Northern Securities Inc., (Northern) and Mr. Alboini, Mr. Vance and Mr. Chornoboy, as executives of that firm, failed to create and maintain a culture of regulatory compliance and that Mr. Alboini demonstrated a disregard for regulatory compliance by engaging in a trading practice enabling a related-party client to obtain access to credit.

Hearing date: Monday, May 7, 2012, 10 a.m.

Location: JPR Meeting Rooms

390 Bay Street, 3rd floor, Hearing Room C

Toronto, ON

Specifically, it is alleged that:

(1) Mr. Alboini, while Ultimate Designated Person (UDP) and a Registered Representative at Northern, engaged in trading practices which enabled his client, Jaguar Financial Corporation, to obtain access to credit. In doing so, he risked the capital of both the firm and its carrying broker, thereby engaging in business conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1;

(2)Mr. Vance, as Northern’s Chief Compliance Officer (CCO), failed to adequately supervise Mr. Alboini’s trading activity involving Jaguar Financial Corporation and other Northern clients, contrary to IIROC Rules 1300.1, 1300.2 and 2500;

(3) Northern, Mr. Alboini as UDP and Mr. Vance as CCO, repeatedly failed to ensure that Northern corrected deficiencies identified in three business conduct compliance reviews and one trading conduct review, and that it had adequate policies, procedures and

practices in place, contrary to IDA By-law 29.1, IIROC

Rule 29.1 and Universal Market Integrity Rule (UMIR) Part 7.1;

(4) Northern failed to ensure reasonable efforts were made to execute orders at the best price, contrary to UMIR 5.2, and Policy 5.2, and failed to ensure that adequate policies and procedures were in place regarding its best price obligations, contrary to UMIR 7.1 and Policy 7.1; and

(5) Northern, Mr. Alboini as UDP and Mr. Chornoboy as Chief Financial Officer:

(i) Filed or permitted to be filed inaccurate Monthly Financial Reports which failed to account for leasehold improvement costs and thereby misstated the firm’s risk-adjusted capital, contrary to IDA By-law 17.2 and IIROC Rule 17.2; and

(ii) Conducted an underwriting without having sufficient capital, thereby creating a risk-adjusted capital deficiency, contrary to IIROC Rule 17.2.

The alleged violations cited in (1) and (2) above occurred between August and November 2008. Alleged violations (3) and (4) occurred from 2006 to 2010; and between November 2008 and January 2011, respectively. Alleged violations (5)(i) and 5 (ii) occurred between February 2008 and February 2009; and in September 2009, respectively. At all times, Mr. Alboini, Mr. Vance and Mr. Chornoboy were registered with Northern Securities Inc., an IIROC-regulated firm. IIROC began its investigation into the conduct of Northern and the three individuals in April 2009. The three individuals are still registered in those same capacities with Northern.

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