By Danielle Moran and Martin Z. Braun
(Bloomberg) -- IFS Securities, an Atlanta-based dealer vendor, stated it suffered "substantial losses" due to what it referred to as unauthorized transactions made by one in all its highest-ranking workers, prompting the corporate to alert federal regulators.
The agency stated in an announcement to Bloomberg Information that it fired the banker, whom it didn’t identify however described as "one in all IFS Securities’ most trusted senior workers." It stated it additionally alerted the U.S. Securities and Trade Fee, the Monetary Trade Regulatory Authority and the Federal Bureau of Investigation and is cooperating with these companies.
IFS didn’t disclose the character of the money-losing trades, although it stated they didn’t contain prospects’ belongings.
The corporate stated it "can be unable to make any detailed public remark regarding current occasions, given the complexity of the scenario and the existence of ongoing investigations that it understands have commenced."
Judith Burns, a spokeswoman for the SEC, declined to remark. Messages left with spokespeople for the FBI and Finra weren’t instantly returned.
To contact the reporters on this story:
Danielle Moran in New York at [email protected];
Martin Z. Braun in New York at [email protected]
To contact the editors answerable for this story:
Elizabeth Campbell at [email protected]
William Selway, Shannon D. Harrington
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