VIC how do you sleep at night ? Toronto, Ontario--(Newsfile Corp. - June 10, 2015) - Added Capital Inc. (TSXV: AAD) today announced that the Ontario Divisional Court (the "Court") has dismissed the appeal by its subsidiary, Northern Securities Inc. ('NSI") and its President and CEO, Vic Alboini of the merit and sanction decisions of the Ontario Securities Commission.
The fine payable by NSI is $50,000 plus costs of $10,000. The fine payable by Mr. Alboini, plus disgorgement of commissions and costs totals $557,485. Mr. Alboini is also subject to a suspension of one year in all registration capacities and for two years as an Ultimate Designated person. These sanctions will become effective, unless changed, upon disposition of the court proceedings. NSI and Mr. Alboini may seek leave to appeal the Divisional Court decision to the Ontario Court of Appeal
His track record is so shady over the years . Mr. Alboini has been the subject of a significant investigation by IIROC and the OSC since 2008. Following is a brief timeline and summary of the proceedings, allegations and sanctions:
- In November 2012 Mr. Alboini was suspended for two years by IIROC, which regulates brokerage firms, permanently banned as an "ultimate designated person" at an investment dealer and fined $625,000.
- The IIROC panel looked beyond allegations stemming from 2008 trading, and concluded that between 2006 and 2010, Mr. Alboini repeatedly failed to ensure that Northern Securities Inc. corrected deficiencies found in three business conduct compliance reviews and one trading conduct review.
- On March 19, 2013, after admitting that from late 2012 into early 2013 Northern Securities Inc. carried on its operations without sufficient capital and without a chief financial officer to ensure regulatory compliance, Northern entered into a settlement agreement with IIROC, pursuant to which, among other things, Northern was suspended as an investment dealer.
- In September 2014, Mr. Alboini was ordered by the OSC to pay nearly $560,000 in penalties and costs, and stripped of acting in various investment capacities for up to two years.
- The 2014 sanctions included payment of a $250,000 fine and an order to disgorge $244,985 in commissions that he received for his work at Northern Securities Inc. and to pay $62,500 for costs incurred by IIROC.
- In its original ruling in 2012, IIROC found Mr. Alboini had risked the capital of Northern Securities Inc. by improperly obtaining credit for Jaguar, which had accounts at Northern Securities. Mr. Alboini was chief executive officer of both Northern Securities and Jaguar at that time.