Keith Wakefield, former municipal securities principal at IFS Securities, was terminated following allegations of fraud and possible trading improrprieties.
The Sonn Law Group is investigating claims that Keith Wakefield committed violations of FINRA Rules. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Keith Wakefield (CRD#:3250539) was employed by IFS Securities (IFS) in Chicago Illinois from June 2011 until August 2019 when he was fired for “fraud” and “placing fictitious trades.” Near the time Wakefield was fired. IFS reported to FINRA and the SEC that the firm had suffered substantial losses as a result of unauthorized securities transactions perpetrated by one of the firm’s most trusted senior employees. News reports at the time indicated the loss was $10 million.
Following Wakefield’s termination, FINRA opened an investigation into Wakefield for possible trading improprieties at IFS. On August 15, 2019, FINRA staff sent Wakefield a request for on-the-record testimony the following month. On September 5, 2019, Wakefield’s counsel informed FINRA staff that Wakefield would not appear for the on-the-record testimony. By refusing to provide testimony in connection with the FINRA investigation, Wakefield violated Rule 8210.
By voluntarily violating this rule, Wakefield consented to being barred from associating with any FINRA member in any capacity.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.