U.S. dark pool operator Pipeline Financial Group chairman Alfred Berkeley and CEO Fred Federspiel resigned after the Securities and Exchange Commission said it found customer orders had been mistreated by the trading platform for years, The Wall Street Journal reports. Executive chairman Jay Biancamano is replacing Berkeley following the controversy.

Biancamano was formerly associated with New York dark-pool operator Liquidnet Holdings. Berkeley was previously president and vice chairman of the Nasdaq Stock Market. Federspiel had been a nuclear physicist with the Los Alamos National Laboratory.

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