The Investment Industry Regulatory Organization of Canada (IIROC) found that President and CEO of Jaguar Financial Securities and Chief Executive of Northern Securities Inc, Victor Alboini, was have been engaged in "improper and risky" trading, according to Reuters.
The regulating organization commented in their ruling released late yesterday that in the time period from August to November 2008, Alboini "engaged in a trading practice which improperly obtained access to credit" for his client, Jaguar Financial Corp. They further found that Fred Vane, chief compliance officer for Northern Securities Inc, did not succeed in supervising Alboini's trading activities adequately.
Seemingly this was not the first time Aiboini has been in trouble. The report also informed that from 2006 to 2010, both Northern Securities Executives faiked to "correct deficiencies in three business conduct compliance reviews."
A third officer, Douglas Chornoboy, who chief financial officer at the time, filed inaccurate monthly financial reports for Northern Securities. The IIROC further commented that there were serious omission in the reports, including the misinformation of the firm's risk adjusted capital, not factoring adjustments for leasehold improvement costs.
The former securities lawyer, has made his name known recently due to his abrasive criticisms of RIM of which his company Jaguar Financial is a shareholder. Most notably he was one of the outspoken investors last year calling for the then co-CEO's Mike and Jim to be replaced, and pressured the board to consider RIM looking into selling or dividing the company.
The investigation was initiated by the IIROC in April, 2009. Leading up to a hearing which took place from May 7 to June 1, 2012.