Keith Wakefield of Chicago Illinois a stockbroker formerly employed by IFS Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Wakefield’s consent to findings that he failed to cooperate with a FINRA investigation into accusations of him effecting fraudulent trades while associated with IFS Securities. Letter of Acceptance, Waiver and Consent No. 2019063576601 (Sept. 25, 2019).
FINRA Public Disclosure reveals that on August 8, 2019, Wakefield was discharged by IFS Securities Inc. founded on allegations that he committed fraud and had effected fictitious trades. Following up in this regard, FINRA commenced an investigation in 2019 and requested that Wakefield provide recorded testimony regarding his potentially fraudulent securities transactions.
FINRA personnel were contacted by Wakefield’s legal counsel on September 5, 2019 – approximately two weeks prior to Wakefield’s scheduled appearance – to indicate that Wakefield understood FINRA’s request but that the stockbroker would not be complying with it. Wakefield later confirmed through entering into the AWC that he refused to cooperate with FINRA’s request. FINRA found Wakefield’s failure to make an appearance and testify about his allegedly improper trading to be violative of FINRA Rules 2010 and 8210.
