ING Official Arrested on Extortion Charges

Joseph Dorilio, head of trading at ING Financial Markets, was arrested on charges of attempting to extort between $25,000 and $40,000 from a New York Stock Exchange broker.

Dorilio demanded that the floor broker, who was not identified, pay the costs of renovating a bathroom at Dorilio’s home and threatened to withhold future ING business, according to the criminal complaint.

ING provided 95% of the broker’s revenue over the last several years, prosecutors said.

ING spokeswoman Victoria Hofstad said Dorilio still is employed by the company but would not elaborate on his status. If convicted, Dorilio, 44, faces up to 20 years in prison.