BIFS, headquartered in Panora, IA, has been a FINRA member since 2006, and according to the AWC, has no prior relevant disciplinary history.

FORBES: Stockbroker Convicted Of Motor Vehicle Felony Poses Reporting Problems For Brokerage Employer

From August 23, 2008, to May 24, 2011, BIFS was required to file 25 Forms U4 or U5 , but failed to timely file in five instances by 8 to 440 days late.

FORBES: Stockbroker Convicted Of Motor Vehicle Felony Poses Reporting Problems For Brokerage Employer

From February 1, 2009, through November 30, 2011, BIFS allegedly failed to maintain written supervisory procedures reasonably designed to achieve compliance with applicable securities laws and regulations, and utilized recruiting and hiring guidelines that were inaccurate and inadequate regarding the hiring and registration of statutorily disqualified persons.

FORBES: Stockbroker Convicted Of Motor Vehicle Felony Poses Reporting Problems For Brokerage Employer

From September 30, 2009, through February 5, 2010, and from May 24, 2011, through June 27, 2011, BIFS allowed a statutorily disqualified person (due to a felony conviction for serious injury by motor vehicle) to associate with the firm prior to approval, in violation of FINRA Rule 2010, and FINRA By-Laws, Article III, Section 3.

FORBES: Stockbroker Convicted Of Motor Vehicle Felony Poses Reporting Problems For Brokerage Employer