Midsize broker-dealer in Atlanta to shut down

Midsize broker-dealer in Atlanta to shut down
After a huge trading loss, IFS Securities will close.
DEC 06, 2019
After getting whacked with a $10 million trading loss over the summer, IFS Securities will shut its doors. According to its BrokerCheck report, on Monday IFS Securities changed its status with the Financial Industry Regulatory Authority Inc. from active, or open for business, to "termination requested," meaning it has filed a formal notice that it is closing its operations with Finra. [Recommended video: Bringing financial literacy to teenage girls through Rock the Street, Wall Street] A call to the firm's main office in Atlanta could not be completed because the phone was out of service. A spokesperson for the broker-dealer, Juliann Kaiser, did not return calls on Friday to comment. It was a year of woe for IFS Securities, which at one time had 160 registered reps and advisers. In August, it was reported that the firm's head municipal securities trader, Keith Wakefield, made unauthorized trades and shorted Treasury bonds, resulting in the $10 million loss. He then was fired and barred from the securities industry.​ IFS did not have sufficient funds to settle the bond trades, according to reports.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.