Business & Finance
Business and Finance
Business and Finance
Mon, August 22, 2011
Fri, August 19, 2011 Jaguar Announces Notice of Hearing issued for the CEO and Chairman of the Company
TORONTO, Aug. 19, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the "Company") (TSX: JFC) today announced that the Company has been advised that Vic Alboini, Chairman and Chief Executive Officer of the Company, and Northern Securities Inc. (an investment dealer registered with IIROC and of which Mr. Alboini is Chairman and Chief Executive Officer), and certain other executives of Northern Securities (together, the "Respondents") were issued a Notice of Hearing from the Investment Industry Regulatory Organization of Canada ("IIROC") dated July 29, 2011 (the "Notice"). The Notice sets out six matters alleging failures by the Respondents to comply with the provision of margin in Northern Securities' client accumulation account; supervision of trading activities; findings from earlier business conduct compliance and trade conduct reviews; best price obligation; and financial reporting.
None of the allegations described in the Notice have been proven. Mr. Alboini has advised Jaguar that the Respondents refute the allegations and intend to vigorously defend all allegations brought by IIROC.
For additional details regarding the Notice, please refer to the press release and memorandum of Northern Financial Corporation (Northern Securities' publicly traded parent company), each filed by Northern Financial on SEDAR on July 29, 2011, and the Notice which is available on the IIROC website. A hearing into the allegations contained in the Notice has been scheduled to commence on May 7, 2012.
About Jaguar Financial Corporation
Jaguar is a Canadian merchant bank that invests in undervalued small capitalization companies in a variety of industry sectors.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under Jaguar's control which may cause actual results, performances or achievements of Jaguar to be materially different from those implied by such forward looking statements.
