Atlanta Broker Alerts FBI Over Big Loss on ‘Unauthorized’ Trades
- IFS fixed income chief fired for ‘placing ficticious trades’
- The firm says it’s cooperating with federal regulators
Photographer: Jose Fuste RAGA/Gamma-Rapho via Getty Images
This article is for subscribers only.
IFS Securities, an Atlanta-based broker dealer, said it suffered “substantial losses” because of what it called unauthorized transactions made by one of its highest-ranking employees, prompting the company to alert federal regulators.
The firm on Aug. 8 fired Keith Wakefield, who had worked there since 2011 and served as its head of fixed income, for “fraud” and “placing fictitious trades,” according to Financial Industry Regulatory Authority records. IFS on Wednesday didn’t disclose the identity of the banker, whom it described as “one of IFS Securities’ most trusted senior employees.”