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Trader Charged With Fraud Over Bond Trades That Bankrupted Firm

Sept. 30, 2021, 10:15 PM

A Chicago man accused of unauthorized bond trades that led to $30 million in losses and bankrupted broker-dealer IFS Securities Inc. was charged with securities fraud and sued by regulators.

Keith Wakefield, 48, who was head of fixed-income trading at IFS Securities, was charged Thursday in Chicago federal court, the U.S. Department of Justice said in a statement. The U.S. Securities and Exchange Commission also sued him seeking repayment of the lost funds, court records show.

From 2017 to 2018, Wakefield engaged in unauthorized speculative trading in Treasury bonds from his firm’s account, and then attempted to conceal ...

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