Scottrade was a stockbrokerage firm that operated both online and at branches. In 2017, the business was acquired by TD Ameritrade and Toronto-Dominion Bank.
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History
In 1980, Rodger O. Riney founded Scottsdale Securities as a retail stockbroker in Scottsdale, Arizona. In 1981, Riney moved to St. Louis and opened another branch.
In 1985, the business moved its headquarters to St. Louis.
By 1989, the business had 6 branches, and by 1991, the business had 15 branches.
In 1996, the business launched its website and electronic trading platform. The amount of trades increased by 15% monthly, compounded monthly, for 39 months.
By 2000, a lot more than 90% of the business's trades were initiated online. The name of the business was changed to Scottrade as the domain Scottrade.com was available.
For 2 years following the dot-com bubble burst in 2000, revenue declined, though it fully recovered by 2004.
The business began offering Chinese-language services in its retail locations in 2001 and in 2003 made its online offerings obtainable in Chinese.
Between 2000 and 2004, the business doubled the amount of retail branch locations, reaching 211 in 2004.
By 2003, 98% of trades executed by the business were made online.
In 2004, Scottrade bought an workplace beyond St. Louis following to its call center to use as its corporate offices.
In 2006, Scottrade purchased the naming rights for the stadium of the St. Louis Blues, that was renamed the Scottrade Center (now the Enterprise Center). The Scottrade Center naming rights was negotiated and managed by Scottrade CMO Chris Moloney that was cited by the American Business Journals as "most likely the fastest naming rights negotiation ever."
In 2008, the business launched Scottrade Bank. The St. Louis Business Journal said Scottrade had experienced "rapid growth" with aggressive internet marketing. Nielson rated Scottrade as the #1 online advertiser in 2008 by media weight.
In 2009, the business launched a mobile app.
In September 2017, the web brokerage division of the business was acquired by TD Ameritrade and the banking division was acquired by Toronto-Dominion Bank.
Controversies
Misrepresentations
In 2008, the U.S. Securities and Exchange Commission (SEC) charged the business with producing fraudulent misrepresentations to clients about Nasdaq pre-open orders in violation of the Securities Exchange Act of 1934. The business consented to the entry of an Order by the SEC that included a censure of Scottrade. The business also decided to stop committing or causing any violations of the act, and paid a civil penalty of $950,000.
Violations of record-keeping requirements
In January 2014, the business admitted to violating the record keeping requirements of federal security laws. The U.S. Securities and Exchange Commission submitted an obtain data describing its trades within a study into whether a merchant account have been hacked and unauthorized trades designed for a person. Every brokerage firm must keep trading records beneath the law. The business was missing data over a six-year period. Within the settlement, the company decided to admit fault and pay an excellent of $2.5 million.
Database hack
In October 2015, Scottrade revealed that, in late 2013 and early 2014, hackers accessed an encrypted database containing the non-public records greater than 4.6 million clients, including names, street addresses, email addresses, social security numbers, and other sensitive account data. The business became alert to the breach when it had been approached by Federal authorities who had been investigating similar thefts at other financial service companies. As a precaution, Scottrade offered identity protection services to all or any affected customers.
In November 2015, after performing its investigation of the breach, the Financial Industry Regulatory Authority fined Scottrade $2.6 million for failing woefully to store financial records and emails completely and securely and for failing woefully to possess an organized course of action for doing so. The business had deleted and didn't save over 168 million outgoing emails with trading information. Scottrade didn't admit to or deny these charges, but consented to an entry of FINRA's findings and decided to pay the fine.