Digital Prime Technologies, an innovative provider of prime brokerage technology solutions for financial institutions entering the crypto and digital asset space, announced the addition of Glen Garofalo as Head of Margin and Risk Solutions.
Mr. Garofalo is a subject matter expert in the areas of margin lending, risk management and operational services. Previously, Mr. Garofalo was the former Director of Credit Regulation for the Financial Industry Regulatory Authority (“FINRA”), from March 2007 through August 2016.
At FINRA, Mr. Garofalo was responsible for building and implementing the SRO’s Portfolio Margin program, where he managed over the review and approval of over 35 member firm applications. In addition, Mr. Garofalo steered membership and industry committees, formed for the purpose of discussing the industry’s margin rules and regulations and the interpretation and updating thereof.
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Since leaving FINRA, Mr. Garofalo served as the Head of Prime Services Margin at Cantor Fitzgerald & Co., followed by a two-year consultancy engagement at Intl FCStone (now STONEX). At both Cantor Fitzgerald and STONEX Mr. Garofalo was responsible for constructing the firm’s portfolio margin programs, writing their portfolio margin applications, and managing the subsequent approvals through the FINRA approval process
The appointment of Mr. Garofalo comes weeks after the appointment of Robert J. Sherry, another industry veteran, as the firm’s Chief Operating Officer.
Further, in November 2021, Digital Prime Technologies announced it received a strategic investment from New York Investment bank, Cowen Inc.
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James Runnels, Co-Founder & CEO of Digital Prime Technologies, stated “We are very excited to have Glen as the newest addition to our growing team. He will be instrumental in helping us expand our platform, as well as assisting our team in other milestone events on our horizon.”
Mr. Garofalo commented “I am excited to join Digital Prime Technologies. The digital asset space has been providing exceptional growth over the past several years and Digital Prime is at the forefront of this dynamic new industry sector. Digital Prime has created a product that is ripe for the market and has strategically built a talented team to support future growth.”
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