TORONTO, July 13 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings against William Henry McBride (the "Respondent").
MFDA staff alleges 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 No. 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.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on September 15, 2010 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in the hearing room located at the offices of the MFDA at 121 King Street West, Suite 1000, Toronto, Ontario.
The purpose of the first appearance is to schedule the date for the commencement of the hearing of this matter on its merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 138 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, 416-943-4672 or firstname.lastname@example.org