Anthony Portelli, a former managing director of ITG Inc., agreed to pay a fine of US $100,000 to resolve charges brought by the Securities and Exchange Commission for failing to reasonably supervise personnel on ITG’s securities lending desk which purportedly resulted in improper practices with respect to the so‑called “pre-release” of American Depositary Receipts. Earlier this year, ITG agreed to pay a fine and disgorgement totaling US $24.4 million to settle charges by the SEC that it caused the issuance of pre-release ADRs since at least 2011, when it had not taken reasonable steps to ensure that the concomitant number of the underlying shares were owned and custodied by the person on whose behalf ITG was acting, as required by SEC rules (click here to review a copy of the relevant SEC Order). During the relevant period, Portelli was directly responsible for overseeing the securities lending desk’s supervisors and the desk generally. (An ADR is a negotiable certificate that ultimately evidences ownership of shares of a non-US company that have been deposited with a bank. In a lawful pre-release transaction, foreign shares have been purchased but not yet delivered to a custodian; in such circumstances the shares must be owned and custodied by the person on whose behalf the pre-released ADRs are obtained.)