Friday, December 14, 2012

RIM rabble rouser Alboini screwered by IIROC

"Northern Securities Inc. chief executive Vic Alboini has been suspended for two years by the Investment Industry Regulatory Organization of Canada. He has also been permanently banned as an “ultimate designated person” at an investment dealer and fined $625,000.

Looking into allegations stemming from 2008, an IIROC panel ruled that Mr. Alboini, who was the ultimate designed person at dealer Northern Securities, “engaged in a trading practice which improperly obtained access to credit for his client… and in doing so risked the capital” of both Northern Securities and its carrying broker.

Those with long enough memories will recall long running Vancouver bucket shop Georgia Pacific Securities as the predecessor brokerage. Unknown what, exactly, Mr. Alboini was up to precisely but tis the end result that matters and for my money Northern Securities could cease to exist tomorrow with NO adverse impact on the investing public, at all.

Larry Douglas Buss