Kenny Pasternak, the founder and former chairman and chief executive of Knight Capital Group, has purchased a sizable stake in OTCBB market maker Hudson Securities.
Pasternak, currently CEO of a New Jersey-based hedge fund, bought 6.6 million shares of Hudson Holding Corporation, the publicly traded parent of Hudson Securities.
The purchase represents about 24 percent of Hudson's shares outstanding. The company's stock recently traded at 90 cents per share in the NASD's Bulletin Board market.
Hudson will spend a portion of the proceeds on its technology infrastructure. That will allow it to "become a scale player," the company said.
In a statement, the company added Pasternak would not have a formal role or direct involvement in the company or in the day-to-day operations of Hudson Securities.
