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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 in hot water over capital levels

Vic Alboini’s regulatory problems are growing.

The CEO of Northern Securities Inc. is facing new allegations by Canada’s brokerage industry regulator, which has accused the firm of operating without sufficient capital in late 2012 and early 2013.

The Investment Industry Regulatory Organization of Canada said it will hold a hearing on the matter February 7, but the hearing will simply be to set a date for a disciplinary hearing.