ITG Chairman Maureen O'Hara Quits After Record SEC Settlementby
Two ITG board members leaving in wake of dark pool penalty
Board approved trading project that drew SEC scrutiny, fine
Investment Technology Group Inc. announced two members of its board of directors, including chairman Maureen O’Hara, will resign, three months after the company agreed to settle a record fine for violations involving a dark pool.
O’Hara will leave the company on Jan. 15, 2016, ITG announced in a release Monday. Board member Christopher Dodds will also leave at the end of the year, the company said.
The resignation of the two board members comes after the company agreed in August to pay a total of $20.3 million in a penalty from the U.S. Securities and Exchange Commission, for operating a proprietary trading desk that used knowledge of customers’ requests to trade for its own benefit. The board had approved the creation of a proprietary trading desk as a pilot project, which was what led to the SEC’s action.
O’Hara said she will stay on to help with incoming Chief Executive Officer Frank Troise’s transition.
"I have been contemplating retirement for some time, but wanted to do so only when the company was well-positioned for future success," O’Hara said in the release. "We have now reached that point, and so I formalized my decision to retire at our Board meeting last week."