MFDA concludes proceeding against William Henry McBride

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Mutual Fund Dealers Association of Canada

Sep 03, 2010, 10:55 ET

TORONTO, Sept. 3 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of William Henry McBride (the "Respondent") by Notice of Hearing dated July 5, 2010. MFDA Staff alleged in its Notice of Hearing that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:

Allegation #1: Between May 2004 and December 2009, the Respondent misappropriated a total of approximately $588,000 from at least 15 clients by soliciting and accepting monies from them for investment in a fictitious investment scheme, contrary to MFDA Rule 2.1.1.

On Monday, August 30, 2010, MFDA Staff was notified that the Respondent had died over the weekend. Accordingly, Staff has withdrawn its Notice of Hearing against the Respondent, as a consequence of which the MFDA proceeding against him is concluded.

For further information:

Hugh Corbett
Director, Litigation
416-943-4685 or [email protected]

Organization Profile

Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...