The Divisional Court has dismissed an appeal by Toronto-based Northern Securities Inc. (NSI) and its CEO Vic Alboini from two Ontario Securities Commission (OSC) decisions, the OSC announced on Tuesday.
The OSC upheld findings by an Investment Industry Regulatory Organization of Canada (IIROC) panel, which found that Alboini had improperly obtained access to credit for one of his clients, Jaguar Financial Corp., contrary to IIROC rules.
The OSC also found that Alboini and NSI breached IIROC rules in respect of the filing of inaccurate monthly financial reports, which resulted in a misrepresentation of NSI’s risk adjusted capital.
See: Alboini fined by OSC, suspended for one year
The OSC conducted a hearing on sanctions and costs and ordered that Alboini pay a $250,000 fine, disgorge $244,985 in commissions, that he be suspended from registration in all capacities for one year and from registration as an ultimate designated person for two years, and that NSI pay a $50,000 fine.
It also reprimanded Alboini and NSI and ordered costs of $62,500 and $10,000, respectively, against them.
The Divisional Court held that the OSC decisions were reasonable, and as such, there was no basis to interfere with those decisions.