CHICAGO — A Chicago man was convicted by a federal jury on Wednesday for attempting to cover up more than $30 million in losses he caused to his employer.
Keith Wakefield, 50, was convicted on Wednesday on one count of securities fraud and three counts of wire fraud.
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According to the U.S. Attorney’s Office , Wakefield worked as a head of fixed income trading for IFS Securities, Inc., a broker dealer in Chicago.
In 2019, Wakefield knowingly and fraudulently engaged in unauthorized speculative trading in U.S. Treasury bonds using his employer’s trading accounts, causing reportedly more than $30 million in losses to the employer and its counterparties.
Wakefield attempted to conceal the unauthorized trades and losses by entering fake off-setting trades into a clearing broker’s order system, creating a false impression that he had profitably traded through a different clearing broker.
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