TORONTO _ The Ontario Securities Commission says it will hold new hearings to review professional disciplinary sanctions issued against activist investor Vic Alboini and two other senior executives at Northern Securities Inc. The sanctions were initially imposed by the Investment Industry Regulatory Organization of Canada , one of the bodies that oversees Canadian investment brokerages. It ordered Alboini to pay $750,000 , disgorge commissions he received and limit his professional activities in the investment industry for at least two years. But due to an error in law, the OSC is setting aside part of the 2012 decision that underpinned the penalties and said IIROC is free to hold new hearings if it wishes. The OSC says its own hearings will only be on the penalties for the other counts against Alboini, who remains chairman and CEO of Northern Financial _ a subsidiary of Northern Financial Corp. (TSX:NFC) _ and chief financial officer Doug Chornoboy and chief compliance officer Fred Vance . The IIROC panel had ruled among other things, that Alboini had engaged in a trading practice between August and November 2008 that improperly obtained credit for Jaguar Financial , another company that he headed, putting Northern Securities at risk. In total, $1.34 million of financial penalties were imposed by IIROC on Northern Securities , Alboini and the two executives.
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