The Ontario Securities Commission has granted a stay of up to 90 days of the sanctions imposed against Toronto businessman Victor Alboini in a case of alleged conflict of interest.
The provincial securities regulator says the stay is to give Alboini and Northern Securities Inc. time to apply to the Ontario divisional court for a longer stay pending the outcome of any appeal brought by Alboini and NSI to the court.
However, it said the stay of the sanctions, in which Alboini was ordered to pay nearly $560,000 and stripped of various professional credentials for up to two years, would terminate by Oct. 11 if the businessman and NSI have not begun an appeal.
The sanctions, imposed earlier this month, were substantially less than what had been requested by the OSC's enforcement branch and an investment industry disciplinary body known as IIROC.
A OSC panel headed by OSC vice-chairman James Turner ordered Alboini to pay a $250,000 fine to the Investment Industry Regulatory Organization of Canada, give back $244,985 in commissions that he received for his work at Northern Securities and pay $62,500 for costs incurred by IIROC.
The OSC panel also suspended all of Alboini's investment industry registrations for one year and his higher-level UDP designation for two years.
The OSC panel had been asked to impose a permanent removal of Alboini's designation as an ultimate designated person, which allows him to head a registered securities brokerage, as well as a two-year ban on all of his other industry registrations and a total of more than $718,000 from him, including a $500,000 fine to IIROC.
The OSC previously found, among other things, that Alboini was in a conflict of interest as chief executive officer of Northern Securities Inc. and as a shareholder and CEO of Jaguar Financial Corp. (TSXV:JFC).
Alboini has said he had already filed an appeal to Ontario divisional court against an OSC decision on the allegations against him issued in December 2013 and that that appeal would be amended to include reasons for appealing the latest sanctions.
"We are going to be requesting that all of the proceedings be dismissed,"' Alboini said in a telephone interview at the time.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.