NewsPolitics Vincent Viola, Trump’s former Army secretary nominee, is a veteran, billionaire and Brooklyn native By Lauren Cook with Reuters firstname.lastname@example.org Updated February 6, 2017 1:15 PM Print Share fbShare Tweet Email Vincent Viola, President Donald Trump's nominee for secretary of the Army, has chosen to withdraw his name from consideration. The native New Yorker (and billionaire) reportedly removed himself from the nomination due to his inability to get around Defense Department rules concerning his family businesses, the Military Times reported. Viola, 60, is a former U.S. Army infantry officer and the founder of several companies including the high-frequency trading firm Virtu Financial. As Army secretary, Viola would have overseen 473,000 active duty soldiers. Now, Defense Secretary James Mattis is tasked with finding a replacement nominee. "Secretary Mattis is disappointed but understands and respects Mr. Viola's decision," a Pentagon statement said, adding that Mattis would recommend another candidate soon. Scroll down to find out more about Viola. Viola was born in Brooklyn Photo Credit: Getty Images / Bryan R. Smith Born in Brooklyn and raised in an Italian immigrant family, Viola was encouraged to join the military after seeing his father serve in the U.S. Army during World War II. He was the first in his family to attend college; he graduated from West Point in 1977 and New York Law School in 1983. Viola lives in New York City with his wife Teresa. He founded Virtu Financial Photo Credit: Getty Images / Paul Zimmerman Viola is the founder and current executive chairman of Virtu Financial, which launched in 2008. He's also the former chairman of the New York Mercantile Exchange, where he began his financial services career, and is known as a leader in electronic trading. Viola co-owns the Florida Panthers Photo Credit: Getty Images / Bruce Bennett In addition to his many other business ventures, including Pioneer Futures and the Independent Bank Group, Viola and Virtu CEO Douglas Cifu bought the Florida Panthers of the National Hockey League in 2013. He helped establish a counterterrorism center Photo Credit: AFP / Getty Images / Bryan R. Smith After the 9/11 terror attacks, Viola helped found the Combating Terrorism Center at West Point. The center, which is privately funded and works independently from the academy, aims to research, teach and advise on the topics of counterterrorism policy and strategy. Viola is ranked on Forbes’ 400 list Photo Credit: Getty Images / Drew Angerer Before he chose to decline the nomination, Viola was among a handful of wealthy financier or businessman tapped to join Trump's administration. He has a net worth of $1.8 billion, according to Forbes, and was ranked No. 374 on the magazine's 2016 list of the 400 wealthiest people in the country. By Lauren Cook with Reuters email@example.com Share on Facebook Share on Twitter More on this topic Meet Trump's Cabinet and top appointmentsTrump has had to fill some positions twice. Steve Bannon, from college to controversyHis rise to power points the way to what may be next in a varied career. 7 things to know about Trump's chief of staff Reince PriebusDespite Trump's promise to "drain the swamp" of establishment politicians, Priebus is a Washington insider. Comments We're revamping our Comments section. Learn more and share your input.