ITG AGREES TO RECORD $20 MILLION CUZ THEY ARE SCAM ARTISTS! ITG agrees to record $20M trading settlement
Kevin McCoy
USA TODAY
Independent execution and research broker Investment Technology Group(ITG) agreed to a record $20.3 million settlement Wednesday over allegations it operated a secret trading desk and traded against the financial interests of customers who used its dark pool trading venue.
The Securities and Exchange Commission said ITG told the public it was a so-called agency-only broker whose financial interests didn't conflict with those of its customers. But the company operated an undisclosed proprietary trading desk dubbed "Project Omega" for more than a year, the SEC said.
According to the regulator, the New York-based company claimed to protect the confidentiality of customers who used its dark pool — an alternative trading venue used by asset managers and others to trade large blocks of shares without negatively affecting their buying and selling prices