TORONTO,
Nov. 13, 2012 /CNW/ - Northern
Financial Corporation (TSX-V: NFC) ("Northern Financial" or
the "Company") announced that the Hearing Panel of IIROC
("Hearing Panel") released its reasons for its decision given on
July 23, 2012 and the sanctions
imposed on Northern Financial's wholly owned subsidiary, Northern
Securities Inc. ("NSI").
The Hearing Panel ruled that NSI is subject to a
fine of $300,000 and costs of
$150,000. The Hearing Panel
also imposed sanctions on the Chief Executive Officer of NSI
(including a two year suspension from registration in all
categories and an inability to be an Ultimate Designated Person in
the industry), the former Chief Compliance Officer and the former
Chief Financial Officer.
As previously advised, NSI and the above
individuals ("NSI Applicants") have applied to the Ontario
Securities Commission ("OSC") for a hearing and review of
the Hearing Panel's decision. The NSI Applicants will also be
applying to the OSC for a stay of the Hearing Panel's sanctions
pending the OSC decision on the appeal.
As this matter will be reviewed by the OSC, NSI
believes it important to respect the regulatory process by not
making any specific comments at this time on the reasons for the
Hearing Panel's decision and the sanctions.
About Northern Financial Corporation
Northern Financial Corporation wholly owns
Northern Securities Inc., a full service investment dealer that
provides financial advisory services to retail and institutional
clients and investment banking services to small capitalization
companies.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
This press release may contain forward-looking statements with
respect to the Company, its operations, strategy, financial
performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion and Analysis and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements.
SOURCE Northern Financial Corporation