The Ontario District Council of the Investment Dealers Association of Canada has suspended a former Assante Capital Management Ltd broker for five years for falsifying his credentials.

At a discipline hearing held on April 28, the Ontario District Council found that Michael Brennan had :

  • prepared a false Proof of Passing Form for the Investment Management Techniques Course;
  • prepared a false Certificate of Course Completion regarding the Conduct and Practices Handbook course;
  • submitted to the Ontario Securities Commission a Uniform Application for Registration/Approval in which he represented that he had obtained a Baccalaureate in Social Sciences from the University of Ottawa; and he misrepresented to clients that he had been qualified as a Certified Financial Planner and Certified Investment Manager.

At the hearing, the IDA prohibited Brennan from registration approval with any member firm for a period of five years; fined $5,000; and ordered him to re-write all relevant examinations should he seek re-registration in the securities industry.

In addition, Brennan must $7,500 in costs.

For a complete summary of facts, please see IDA Bulletin 3281.