Canadian investing regulator raps RIM critic Alboini
By Jennifer Kwan
TORONTO (Reuters) - A shareholder in Research In Motion who has been a vocal and persistent critic of the BlackBerry maker has been found by Canada's investment industry watchdog to have engaged in improper and risky trading.
In a decision released late on Monday, the Investment Industry Regulatory Organization of Canada (IIROC) said that between August and November 2008, investment bank Northern Securities Inc Chief Executive Victor Alboini "engaged in a trading practice which improperly obtained access to credit" for his client, Jaguar Financial Corp, of which Alboini is also president and CEO, and in doing so risked the capital of Northern.
IIROC found that two other Northern executives also broke the rules.
Alboini said he disagrees with the ruling.
"We will be appealing the decision of the panel. We have fundamental issues with the lack of fairness associated with the proceedings by IIROC," he told Reuters.
Alboini, who is a former securities lawyer, is a widely known critic of RIM, of which Jaguar is a shareholder.
Last year, he called for the company's co-chief executives to be replaced and demanded the appointment of an independent chairman, while also urging the company's board to consider selling the company or breaking it into three units.
IIROC also found that Frederick Vance, as chief compliance officer at Northern, failed to adequately supervise Alboini's trading activity involving Jaguar and other Northern clients. Continued...