IIROC withdraws two of five allegations against Northern Securities at hearing

    




 HEARING PANEL RULES ON REMAINING COUNTS IN ONE PAGE DECISION, BUT  REFUSES TO ISSUE FINDINGS OF FACT AND REASONS FOR DECISION UNTIL AFTER  PENALTY HEARING 

 TORONTO, July 23, 2012 /CNW/ - Northern Financial Corporation  ("Northern Financial" or the "Company") announced an update of the proceedings by IIROC in respect of its  wholly owned subsidiary, Northern Securities Inc. ("Northern Securities"), its Chairman and Chief Executive Officer, Vice President and Chief  Compliance Officer and former Senior Vice President and Chief Financial  Officer (together, the "Respondents"). 

 IIROC Drops Two of Five Allegations 

 On May 7, 2012, the first day of the Hearing, IIROC Staff withdrew two  of the five allegations set out in the Notice of Hearing dated July 29,  2011. 

 Interim Decisions by the Hearing Panel  

 During the course of the Hearing, the Hearing Panel made several interim  decisions which were unfairly prejudicial to the Respondents' ability  to make full answer and defence. 

 IIROC Hearing Panel's Decision on Remaining Counts 

 The Hearing Panel today issued its decision orally, and despite the  Hearing lasting approximately four weeks, distributed a one page  written decision consisting of one sentence conclusions against the  Respondents, which simply repeat allegations in the Notice of Hearing. 

 The Hearing Panel has scheduled a penalty hearing on October 11 and 12,  2012, but the Hearing Panel has also ruled that it will not be  providing the Respondents with written reasons and factual findings  prior to the penalty hearing. 

 Appeal by the Respondents 

 Northern Securities, its Chief Executive Officer and Chief Compliance  Officer will be appealing the decisions of the Hearing Panel. 

 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. 

Northern Financial Corporation


CONTACT:  Ann KrallischDirector of Business Development416 644-8113 


    

Copyright