The Mutual Fund Dealers Association of Canada has concluded its proceedings against an Ontario mutual fund salesman after being notified of the man’s death, the MFDA said Friday.

The regulator had commenced disciplinary proceedings against William McBride, a fund sales man and branch manager with mutual fund salesperson with IPC investment Corp., on July 5, 2010.

MFDA staff alleged that between May 2004 and December 2009, McBride “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.”

On August 30, MFDA staff were notified of McBride’s death.

IE