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Fraudulent securities trader settles with US SEC over $820,000 fraud

( September 30, 2021, 23:10 GMT | Official Statement) -- MLex Summary: Keith A. Wakefield, a former managing director and head of fixed income trading at Atlanta-based broker-dealer IFS Securities, has settled with the US Securities and Exchange Commission over charges of unauthorized trading in fixed income securities and fraudulently obtaining approximately $820,000 in fictitious commission income. According to the SEC's complaint, Wakefield's fraud eventually led to the bankruptcy of IFS in 2019. Wakefield has agreed to a permanent injunction and to pay as-yet-undetermined penalties at a later date. In a parallel action, Wakefield faces criminal charges from the US Department of Justice, with a maximum sentence of 20 years in federal prison.See statement and document below....

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