A hearing panel in Vancouver of the Investment Dealers Association of Canada has banned a former Dundee Securities Ltd. branch manager and fined him $50,000 for failing to co-operate with an investigation.

The panel said yesterday it found Brian Basset, a former vice president – trading and regional sales manager for Western Canada for Dundee, refused to attend and give information in to a probe into his dealings.

The purpose of the investigation was to follow up on allegations that Bassett sold 90 syndicated mortgage notes between May 2000 and October 2004, to 49 investors for a total of $2.9 million for construction financing, but none of the money was actually used for that purpose.

Basset must also pay $20,000 to cover IDA costs.