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In-Depth: Citadel Connect and Dark Pools Uncovered

Alternative trading systems (ATSs) or dark pools are private exchanges that have liquidity benefits but can also obscure trades. Together with internalizers, they account for over 40% of the global equity market.

They are called dark because orders don’t show up on the exchange’s order books.
Here are some of the historical examples which demonstrate the ways in which dark pools have been abused:

On October 3, 2012, SEC charged eBX LLC for failing to protect the confidential information of its subscribers, allowing third parties to use the information.
On June 6, 2014, SEC charged a New York broker for mishandling confidential information and using it for marketing purposes.
On January 15, 2015, SEC charged UBS Securities LLC for failing to disclose an order type that it pitched exclusively to market makers.
On August 12, 2015, SEC charged ITG and AlterNet Securities for operating a secret trading desk and misusing confidential trading data.
On January 31, 2016, SEC charged Barkley Capital and Credit Suisse for numerous violations, among them executing 117 million illegal sub-penny orders.
On September 14, 2018, SEC charged Citigroup for misleading dark pool users and routing orders in other trading venues.
On November 7, 2018, SEC charged ITG and AlterNet Securities again for similar violations as the last time.

https://tokenist.com/in-depth-citadel-connect-and-dark-pools-uncovered/

SEC ‘Looking Closely’ At ‘Dark Pools’—Here’s What They Are And Why Reddit Traders Are Rallying

https://www.forbes.com/sites/jonathanponciano/2021/08/04/sec-looking-closely-at-dark-pools-heres-what-they-are-and-why-reddit-traders-are-rallying/?sh=3f79f6872e42