Atlanta-based broker-dealer IFS Securities is no longer in business, according to its latest regulatory filing.
Records for the midsize firm filed with the Financial Industry Regulatory Authority show the firm filed a termination request last week.
In early August, the BD said it had experienced “substantial losses” from unauthorized bond trades and alerted federal regulators. The losses totaled some $10 million, according to reports at the time.
The firm fired Keith Wakefield, its head of fixed income, for “fraud” and “placing fictitious trades,” according to FINRA records, which show he was barred from the industry on Sept. 25.
It also alerted the Securities and Exchange Commission, FINRA and the FBI about the matter.