Ouchy.. will NFC and northern securities survive t Looks Kind of ouch.. I hope an appeal court will at least lower this shalacking......How again can these sanctions affect NFC but not VIC's roles at Jaguar? Seems dimented to me...... I took the time to read the full IIROC decision on the IIROC website. Seems like some money shifting happened while accumulating positions in companies for Jaguar to avoid margin requirements for a few weeks, along with some other IIROC problems with some other minor Northern training policies, trading and interpretation of rules.. but please...... look at what has gone on in the USA.... and other venture companies.. where investors have been ROBBED of massive amounts of money..billions!!!! and this is what they spend million + in legal bills fighting? THE judgement and details to me were more sad than anything, that this is even being considered at this time, when so much other garbage has happened...and is still happening.....
This appears more to me to be more of a witchhunt to me than anything.. but I am not a lawyer and what do I know...? and look at what the biggest 5 banks in the US have done in the wake of the financial crisis.. how no one has gone to jail..... but this is Canada alas...... and they are going after poor old Vic.... ( maybe its not much money to him... ) maybe he annoyed the wrong people with public statements about big companies.....who sicked the dogs onto him and enforcement action....
IF this ever trades again... which who knows... where oh where would it be... seems like 1.5 cents is appropriate .. and the market is never wrong? What will become of Northern Financial....with Vic as a major holder but out of the picture for 2 years with another head replacement? WIll this be appealed? Will a puppet like in the head offices be installed.... and Vic can tell how to run the business from the sidelines... painful times!!!! will NFC dump its shares of Jaguar to pay these fines? I guess we sit and wait for appeal decision now? or bankruptcy announcement?
Northern Financial unit CEO fined, suspended by IIROC
2012-11-13 09:23 ET - News Release
Ms. Ann Krallisch reports
NORTHERN REPORTS ON IIROC HEARING PANEL SANCTIONS
Northern Financial Corp. has learned that the hearing panel of the Investment Industry Regulatory Organization of Canada has released its reasons for its decision given on July 23, 2012, and the sanctions imposed on Northern Financial's wholly owned subsidiary, Northern Securities Inc.
The hearing panel ruled that NSI is subject to a fine of $300,000 and costs of $150,000. The hearing panel also imposed sanctions on the chief executive officer of NSI (including a two-year suspension from registration in all categories and an inability to be an ultimate designated person in the industry), the former chief compliance officer, and the former chief financial officer.
As previously advised, NSI and the above individuals have applied to the Ontario Securities Commission (OSC) for a hearing and review of the hearing panel's decision. The NSI applicants will also be applying to the OSC for a stay of the hearing panel's sanctions pending the OSC decision on the appeal.
As this matter will be reviewed by the OSC, NSI believes it important to respect the regulatory process by not making any specific comments at this time on the reasons for the hearing panel's decision and the sanctions.