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Chairman and CEO Northern Securities Vic Alboini at his office on King St., Toronto
Chairman and CEO Northern Securities Vic Alboini at his office on King St., Toronto
(Fernando Morales/Globe and Mail)

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Northern Securities appeals sanctions on executives

The day after Canada’s trading regulator levelled tough sanctions against current and former executives at Northern Securities, the boutique investment dealer announced it will appeal the decision to the Ontario Securities Commission.

Late Monday the Investment Industry Regulatory Organization of Canada delivered a harsh decision that dinged Northern’s chief executive officer Vic Alboini because he “improperly obtained access to credit for his client, Jaguar Financial Corporation, and in doing so risked the capital of both [Northern] and its carrying broker.”