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Report: IFS Securities closing down

Atlanta-based broker/dealer IFS Securities Inc. will shut down, InvestmentNews reported, citing a BrokerCheck report showing the company changed its status with the Financial Industry Regulatory Authority from active or open for business to "termination requested."

The news came months after it was reported by The Bond Buyer in August that former IFS Securities Managing Director Keith Wakefield allegedly shorted U.S. Treasurys in an off-book transaction that led to a loss of $10 million or more. In a statement, IFS Securities confirmed it had fired a senior employee related to unauthorized transactions and reported the incident to the Securities and Exchange Commission and FINRA.

A spokesperson for the broker/dealer did not respond to InvestmentNews' request for comment.