Listowel, Ontario-based mutual fund dealer Independent Accountants’ Investment Group Inc. is closing its doors.
The firm has informed the Mutual Fund Dealers Association of Canada that it intends to resign its membership, and the MFDA said the resignation process has been initiated.
Independent Accountants is registered as a mutual fund dealer in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and has been a member of the MFDA since April 2002. The firm operates 13 sub-branch offices throughout Ontario, and has 15 registered representatives.
In April, the firm was fined $25,000 for a variety of compliance and supervision failures. Most of the deficiencies were related to three branches, which the dealer acquired from another fund dealer, Canada Loyal Investment Services, between late 2009 and early 2010. The three branches have since been shut down by Independent Accounts Investment Group.