Judge OKs Civil Settlement In $30M Treasury Bond Fraud Suit

By Lauraann Wood (October 13, 2021, 4:36 PM EDT) -- An Illinois federal judge Wednesday signed off on a civil enforcement agreement for a former fixed income securities trader accused of a $30 million fraud scheme that bankrupted his Atlanta-based employer, then paused the case while related criminal proceedings play out.

U.S. District Judge John Tharp Jr. said he would enter the U.S. Securities and Exchange Commission's consent judgment with former IFS Securities Inc. trader Keith Wakefield, but then stay the regulator's case indefinitely while Wakefield resolves a criminal wire fraud charge similarly stemming from allegedly unauthorized speculative U.S. Treasury bond trades.

Wakefield agreed to enter the civil judgment without admitting...

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