A hearing panel of the Investment Dealers Association of Canada has fined a Calgary broker $10,000 for forging a client’s signature.

Michael De Long was an approved person with the Calgary branch office of Canaccord Capital Corp.

On Sept. 20, 2005, the IDA panel considered, reviewed and accepted a settlement agreement negotiated between IDA staff and De Long.

De Long admitted that he forged a signature to a client transfer form with the intent that the signature would be relied upon as the signature of an authorized representative of Canaccord’s Trustee company.

In its reasons for accepting the settlement, the panel stated: “… we consider the facts to be indicative of a ‘less egregious’ instance of forgery. The act of forgery here was committed out of frustration with the intent of assisting the client and with no thought of unjust enrichment or financial benefit by or to the Respondent De Long.”

The panel noted that De Long readily accepted his responsibility, and cooperated during the investigation.

He has operated under close supervision for the past
8 months at Canaccord has suffered a financial setback of approximately $80,000 of lost revenue as a result of his actions.

In a addition to the fine and close supervision, De Long must also rewrite and pass the Conduct and Practices Handbook examination, and pay $3,500 in costs.

De Long is currently registered with another IDA firm. His term of close supervision has been completed.

For a complete summary of facts, please see IDA Bulletin 3493.