IFS Securities

Ex-IFS Securities Broker Recommended Promissory Note to Elderly Investors

The Financial Industry Regulatory Authority (FINRA) has barred ex-IFS Securities registered representative Steven Douglas Schisler beginning January 31, 2022. Schisler, who works out of the Greater Sacramento, California area, has been a financial planner and investment advisor for over 20 years. He is also the principal of Synergy Wealth Management.

The industry bar comes in the wake of allegations that Schisler unsuitably recommended a promissory note to an older married couple.

According to InvestmentNews, IFS Securities, a broker-dealer based in Atlanta, Georgia, may be facing at least $10M in losses after Keith Wakefield, the firm’s ex-municipal securities principal, allegedly executed unauthorized trades and shorted Treasury bonds. He was fired earlier in August 2019.

IFS Securities is owned by IFS Group Inc. The brokerage firm reportedly notified the Financial Industry Regulatory Authority (FINRA), the US Securities and Exchange Commission (SEC), and the Federal Bureau of Investigation (FBI) about the significant losses it sustained due to the unauthorized securities transactions that reportedly did not involve any customer assets. IFS Group works with institutional investors.

Wakefield was with IFS Securities since 2011. His BrokerCheck record cites allegedly making fake trades and fraud as the reasons for his termination. With 19 years as a registered broker, Wakefield was previously with Cabrera Capital Markets, LaSalle Financial Services, and ABM Amro Inc.

Articles Tagged with IFS Securities

Ex-IFS Securities Broker Steven Schisler Barred Following Unsuitable Investment Recommendations

Ex-IFS Securities Broker Recommended Promissory Note to Elderly Investors

Alleged Unauthorized Trades by IFS Securities Trader Causes $10M in Losses