The Court of Appeal for Ontario has denied a motion for leave to appeal a lower court decision that upheld regulatory sanctions against Northern Securities Inc. (NSI) and its CEO, Vic Alboini.
Back in June, the Divisional Court upheld two decisions handed down by the Ontario Securities Commission (OSC) against NSI and Alboini, after they appealed regulatory sanctions imposed on them by the Investment Industry Regulatory Organization of Canada (IIROC).
See: Court dismisses appeals by Northern Securities and its CEO
In 2012, IIROC found that NSI and Alboini violated its rules, and it ordered sanctions against them. They appealed that ruling to the OSC, which upheld two of the counts alleged in the IIROC decision, set aside another count, and also tossed out the sanctions ordered by IIROC, citing procedural unfairness.
The OSC then held its own sanctions hearing. Ultimately, the commission ordered that Alboini should be suspended from registration for one year, and from a supervisory role for two years, along with imposing a $250,000 fine, ordering $244,985 in disgorgement and $62,500 in costs. It also ordered a $50,000 fine against NSI, and $10,000 in costs.
NSI and Alboini then appealed the OSC rulings to the Divisional Court, which ruled in favour of the OSC back in June. Now, the Ontario Court of Appeal has declined a motion for leave to appeal the Divisional Court’s ruling.