FS’ Keith Wakefield Barred By FINRA
The Financial Industry Regulatory Authority (“FINRA”) announced that expelled IFS securities broker Keith Wakefield (CRD#: 3250539, Chicago, Illinois). Notably, Wakefield executed a Letter of Acceptance, Waiver and Consent (“AWC”) on September 25, 2019. Evidently this AWC settled FINRA’s allegations of Wakefield failing to cooperate with requests it made when he was under investigation. The AWC contains findings of Wakefield violating FINRA Rules 8210 and 2010 for refusing to testify.
FINRA Investigates Keith Wakefield For Possible “Trading Improprieties”
Evidently, FINRA has the power to investigate securities brokers pursuant to Rule 8210. FINRA can demand that a broker testify or supply documents especially when the investigation concerns the broker. Apparently, securities brokers who decide not to comply with FINRA’s requests often face severe sanctions. This includes a bar from the securities industry.
Supposedly, FINRA tried to determine if Keith Wakefield made trades that ran afoul of FINRA rules. It is possible that Wakefield engaged in deceptive and dishonest trading practices judging by the allegations reported by IFS Securities Namely, IFS Securities disaffiliated with Wakefield for allegedly engaging in a deceptive scheme. Also, the firm indicated that Wakefield made fictitious trades. The trading improprieties that FINRA refers to could relate to IFS Securities’ allegations against Wakefield.
Wakefield Fails To Honor FINRA Requests By Declining To Testify About Trading
FINRA argued that Keith Wakefield defied Rules 8210 and 2010 by dishonoring FINRA’s requests. First of all, FINRA asked Wakefield on August 15, 2019 to make an appearance at FINRA offices to testify about the allegations of his bad trading practices. Evidently, FINRA required Wakefield to testify on September 19, 2019 in order to comply with FINRA Rule 8210. After FINRA made the request, an attorney representing Wakefield told FINRA that he would not testify. In fact, Wakefield’s attorney indicated that Wakefield would not make an appearance at any time.
FINRA Issues Bar To Keith Wakefield
It appears that FINRA barred Keith Wakefield effective September 25, 2019 from being a broker or maintaining association with brokerage firms. Aside from IFS Securities, who Wakefield worked for from 2011 to 2019, he also worked for IFS Capital Markets from 2018 to 2019.
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