A hearing panel of the Investment Dealers Association of Canada has rejected a settlement agreement with a Canaccord Capital Corp. registered representative.

The IDA hearing was convened on March 9 to consider the imposition of discipline penalties on Michael De Long, a broker with the Calgary branch office of Canaccord.

A settlement agreement was presented jointly by the IDA and De Long’s solicitor. Upon review, the IDA panel decided to reject the agreement.

The panel’s reasons for the decision will be made available after a subsequent hearing.