Northern Reports on IIROC Hearing Panel Sanctions

TORONTO, Nov. 13, 2012 /CNW/ - Northern Financial Corporation (TSX-V: NFC) ("Northern Financial" or the "Company") announced that the Hearing Panel of IIROC ("Hearing Panel") released its reasons for its decision given on July 23, 2012 and the sanctions imposed on Northern Financial's wholly owned subsidiary, Northern Securities Inc. ("NSI").

The Hearing Panel ruled that NSI is subject to a fine of $300,000 and costs of $150,000.  The Hearing Panel also imposed sanctions on the Chief Executive Officer of NSI (including a two year suspension from registration in all categories and an inability to be an Ultimate Designated Person in the industry), the former Chief Compliance Officer and the former Chief Financial Officer.

As previously advised, NSI and the above individuals ("NSI Applicants") have applied to the Ontario Securities Commission ("OSC") for a hearing and review of the Hearing Panel's decision.  The NSI Applicants will also be applying to the OSC for a stay of the Hearing Panel's sanctions pending the OSC decision on the appeal.

As this matter will be reviewed by the OSC, NSI believes it important to respect the regulatory process by not making any specific comments at this time on the reasons for the Hearing Panel's decision and the sanctions.

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.

SOURCE: Northern Financial Corporation

Ann Krallisch
Director of Business Development
416 644-8113