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IMS Securities plans to shut down

IMS Securities Inc. has informed the Financial Industry Regulatory Authority of its plan to close shop, and has filed the request for broker/dealer withdrawal, according to Investment News.

IMS Securities was the underwriter and wholesaler for United Development Funding IV. The Federal Bureau of Investigation raided its offices in suburban Dallas on Feb. 18, 2016.

While the reason for the planned closure is not known, the company recently lost an arbitration claim stemming from investments in various REITs including United Development Funding IV, and was ordered to pay $1.3 million. It had net capital of $31,500 as of the end of 2016, according to the report.