A hearing panel of the Investment Dealers Association of Canada has penalized a former registered representative with the Montreal branch office of Research Capital Corp. for failing to cooperate with an IDA investigation.

Following a disciplinary hearing held on May 8, 2007, the panel found that Marc Beaudoin had refused to appear and give information before the persons conducting an investigation.

The panel noted that failure to cooperate in an IDA investigation is serious misconduct because it subverts the IDA’s ability to perform its functions.

For his misconduct, Beaudoin has been fined $50,000 and must pay $6,115.09 in costs. He has also been assessed a permanent ban on approval in any capacity with an IDA firm.

Beaudoin has not been registered with an IDA Member firm since January 30, 2006.