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Scottrade

Scottrade, Inc. was an American financial services company specializing in discount online brokerage services for retail investors, offering low-cost stock, options, ETF, mutual fund, and bond trading through a user-friendly platform combined with in-person support at over 500 branches across the United States.^[1] Founded in 1980 by Rodger Riney as Scottsdale Securities in Arizona, the firm initially focused on providing accessible investment services and quickly expanded by emphasizing competitive commissions—starting at $17 per trade in the late 1990s and later reducing to $6.95 for online equity trades—which helped it attract millions of clients seeking affordable access to financial markets.^[2]^[3] Scottrade relocated its headquarters to St. Louis, Missouri, in 1985, and grown into one of the largest independent brokerages, serving more than three million accounts with additional offerings like retirement accounts, educational resources, and international trading capabilities.^[4]^[5] In 2016, TD Ameritrade announced its acquisition of Scottrade's brokerage operations for approximately $2.7 billion in cash and stock, with TD Bank Group separately acquiring Scottrade Bank for $1.3 billion, culminating in the full integration completed in September 2017; this merger combined two major discount brokers to enhance scale and services, after which Scottrade clients transitioned to the TD Ameritrade platform. In 2020, Charles Schwab acquired TD Ameritrade, fully integrating its operations and client base into the Schwab platform by 2023.^[6]^[7]^[8]^[9]

Company Overview

Founding and Headquarters

Scottrade was founded in 1980 by Rodger O. Riney, a Missouri native and former general partner at a St. Louis retail brokerage firm, as Scottsdale Securities Inc. in Scottsdale, Arizona.^[10] Riney used his personal assets to capitalize the venture, establishing it as a discount brokerage focused on serving individual investors with lower-cost trading services compared to traditional full-service firms.^[11] Initially operating as a traditional discount broker without an online platform, the firm handled trades through phone and in-person channels at its single location.^[12] By 1981, Scottrade expanded beyond Arizona by opening its second branch office in the St. Louis area, reflecting Riney's roots in Missouri and the region's growing financial ecosystem.^[13] In 1985, the company relocated its headquarters from Scottsdale to St. Louis County, Missouri, to leverage central U.S. operational efficiencies, including access to a larger talent pool and lower costs in the Midwest.^[2] This move solidified St. Louis as the firm's long-term base, supporting further branch growth across the country.^[4] In the late 1990s, Scottrade pivoted to an online model by launching its website in 1996 and introducing $7 online trades in 1998, which accelerated its transition from phone-based operations to a digital-first discount brokerage.^[4] The company rebranded to Scottrade Inc. in 2000, adopting the name from its website domain to emphasize its internet-centric identity.^[11]

Services and Products

Scottrade provided a range of core brokerage services centered on self-directed online trading, allowing clients to buy and sell stocks, exchange-traded funds (ETFs), options, and mutual funds through its platform. Online trading was introduced in the fall of 1996, enabling accessible electronic execution of trades.^[14] In 2005, the firm adopted a flat $7 commission fee for all online stock, ETF, options, and mutual fund trades, positioning it as a low-cost option for retail investors without minimum balance requirements or inactivity fees.^[11] This structure supported commission-free mutual fund purchases for certain no-transaction-fee funds, enhancing affordability for long-term investors.^[15] The company offered various account types to support retirement and educational savings goals, including traditional, Roth, and rollover Individual Retirement Accounts (IRAs) with no annual fees.^[15] Educational accounts, such as Coverdell Education Savings Accounts (ESAs), were available to facilitate tax-advantaged growth for qualified higher education expenses.^[16] Cash management accounts provided flexible options for holding uninvested funds, including money market sweeps and check-writing capabilities, often integrated with brokerage services for seamless transfers.^[17] In 2008, Scottrade launched Scottrade Bank, a federal savings bank, to expand its banking offerings and provide FDIC-insured alternatives to traditional brokerage cash holdings.^[4] Through this subsidiary, clients accessed high-yield savings accounts, certificates of deposit (CDs) with competitive rates, and money market accounts, all linked to brokerage accounts for easy fund movement and interest earning on idle cash.^[17] These products emphasized liquidity and security, with features like unlimited ATM reimbursements on linked checking accounts. Scottrade supported client decision-making with integrated research tools and educational resources. The ScottradeELITE platform, designed for active traders, included real-time streaming quotes, customizable charting, market scanners, and news feeds from sources like Dow Jones and Comtex.^[18] Basic research encompassed analyst reports from S&P and Morningstar, stock screeners, and portfolio analysis tools accessible via the standard web interface.^[17] Educational offerings featured an online learning center with articles, videos, live webinars, and in-person branch seminars to promote informed investing.^[19] The mobile trading platform, launched in 2009, extended these capabilities to smartphones, allowing users to view real-time quotes, place trades, monitor portfolios, and access research on the go through a user-friendly interface.^[4] Features included secure login, watchlists, and alert notifications, emphasizing convenience for mobile users while maintaining the firm's low-cost model.^[20]

Business Model

Scottrade functioned as a discount brokerage firm, prioritizing low-cost, no-frills online trading platforms to appeal to self-directed retail investors seeking accessible entry into financial markets without the high fees associated with advisory services. This strategy positioned it in opposition to full-service brokers, which typically charged premium rates for personalized investment guidance and comprehensive support, allowing Scottrade to capture a segment of cost-conscious clients focused on independent decision-making.^[21] The company's primary revenue streams stemmed from trading commissions, initially structured at a flat rate of $7 per online stock and ETF trade, a model that gradually diminished amid broader industry pressure to lower fees and eventually eliminate them post-acquisition. These were supplemented by net interest revenue from cash balances and margin lending, alongside asset-based fees such as those from insured deposit accounts and payment for order flow arrangements, where brokers received compensation from market makers for routing client orders.^[22]^[23] Scottrade differentiated itself through a hybrid service model, combining robust digital tools with an extensive physical presence of over 500 branch offices across the United States by 2016, enabling in-person assistance for account setup, education, and basic consultations without venturing into full advisory roles. This network supported self-directed users while setting it apart from online-only rivals, fostering customer loyalty through accessible hybrid support.^[24] By 2016, this operational framework had scaled to encompass more than 3 million client accounts and approximately $170 billion in assets under management, underscoring Scottrade's success in building a substantial base of retail investors drawn to its economical and user-centric approach.^[24]^[25]

Historical Development

Early Years

Scottrade was established in 1980 as Scottsdale Securities in Scottsdale, Arizona, by Rodger O. Riney, positioning itself as a discount brokerage amid the broader industry shift away from fixed commissions following the U.S. Securities and Exchange Commission's deregulation in 1975.^[26]^[27] By the mid-1980s, as competition intensified, the firm solidified its discount model by offering low-cost trades to individual investors, helping it gain a foothold in a market dominated by traditional full-service brokers.^[11] In 1981, Riney relocated the headquarters to St. Louis, Missouri, where the company began investing in operational infrastructure to support expanding retail clientele.^[4] Throughout the 1990s, Scottrade focused on marketing strategies aimed at everyday retail investors, emphasizing affordability and accessibility through competitive commission rates and customer-friendly service.^[28] This approach resonated during the rising popularity of self-directed investing, contributing to steady customer acquisition. By 2003, the firm had reached 1 million customer accounts, reflecting robust growth in its base of individual traders.^[11] A pivotal development occurred in 1996 when Scottrade launched its online trading platform, Scottrade.com, coinciding with the dot-com boom and widespread commission reductions across the brokerage sector.^[4] This early adoption of internet-based trading allowed the company to handle increased volumes efficiently, with monthly trades rising by about 15% post-launch. Internally, Scottrade ramped up technology investments and staff expansion at its St. Louis headquarters to manage the surge in online activity and support operational scaling.^[10] By the end of the decade, the name was officially changed to Scottrade in 2000 to better align with its digital identity.^[4]

Growth and Expansion

During the early 2000s, Scottrade accelerated its physical expansion by opening branch offices across the United States, adding 21 locations in 2001 to reach a total of 147 branches by year-end.^[11] This growth continued rapidly, with 24 more offices added in 2002 for a total of 170, the opening of the 200th branch in February 2004, and further expansion to 233 branches by 2006.^[11] By mid-decade, the network had grown to hundreds of locations nationwide, reaching approximately 400 branches in 2009 and 500 by 2010, enhancing accessibility for clients preferring in-person support alongside online trading.^[29]^[30] In 2008, Scottrade launched Scottrade Bank, a federally chartered savings bank, to diversify its offerings by integrating retail banking services such as high-yield savings accounts and certificates of deposit directly with its core brokerage platform.^[31] This move allowed seamless cash management for brokerage clients, including FDIC-insured deposit sweeps, and positioned Scottrade as a one-stop financial services provider amid increasing competition in the discount brokerage sector.^[32] To maintain its competitive edge in pricing, Scottrade reduced online equity trade commissions to a flat $7 per trade in 2005, aligning with its low-cost business model.^[11] In 2011, the firm introduced commission-free trading for select exchange-traded funds (ETFs), expanding to 15 Morningstar-powered Focus ETF portfolios by 2012, directly challenging rivals like E*TRADE by attracting cost-conscious investors seeking diversified, low-fee exposure to asset classes.^[33] Scottrade's international efforts remained limited, primarily focused on a 2003 launch of a Chinese-language trading platform to facilitate access for clients in the United States, China, Hong Kong, and Taiwan, though operations stayed predominantly U.S.-centric with minimal presence in markets like Canada.^[11] This period also saw substantial asset growth, with customer assets reaching $50 billion by 2006, reflecting gains in market share through the combination of branch expansion, product innovation, and aggressive pricing.^[11]

Acquisition by TD Ameritrade

On October 24, 2016, TD Ameritrade Holding Corporation announced an agreement to acquire Scottrade Financial Services, Inc., in a transaction valued at approximately $4 billion, structured as a combination of cash and TD Ameritrade shares for the brokerage operations, alongside TD Bank Group's acquisition of Scottrade Bank.^[34] The deal aimed to create a larger entity with enhanced scale, combining TD Ameritrade's approximately 7 million client accounts with Scottrade's more than 3 million, resulting in over 10 million total accounts and nearly $1 trillion in client assets.^[35] This merger was strategically positioned to integrate complementary technology platforms, expand branch networks, and achieve annual cost synergies of about $450 million through unified operations.^[36] The transaction required approvals from multiple regulators, including the Federal Reserve Board, the Securities and Exchange Commission, and the Financial Industry Regulatory Authority, which were obtained progressively throughout 2017.^[37] The acquisition closed on September 18, 2017, marking the end of Scottrade as an independent entity, with Scottrade clients retaining access to their existing accounts during the initial transition period.^[38] Account migrations to TD Ameritrade's platforms commenced in early 2018, with the full conversion of client accounts and systems completed by February 2018.^[39] In the immediate aftermath, TD Ameritrade formed a dedicated integration team to oversee the unification of technology platforms and operating systems, ensuring seamless client transfers while minimizing disruptions.^[38] Scottrade founder and former CEO Rodger Riney played a key role in this phase, transitioning to the position of Special Advisor to TD Ameritrade's President and CEO, where he focused on business integration, client retention, and operational alignment from his base in St. Louis.^[38] The combined firm reported serving nearly 11 million client accounts with $1.1 trillion in assets shortly after closure, positioning it as a leading retail brokerage.^[40]

Regulatory Issues and Controversies

Early Regulatory Issues

In addition to later actions, Scottrade faced earlier enforcement from FINRA. Between April 2003 and April 2008, FINRA determined that Scottrade failed to establish and implement adequate anti-money laundering (AML) policies, procedures, and internal controls as required by the Bank Secrecy Act and NASD Rules 3011 and 2110. The firm lacked effective monitoring for suspicious activities, including automated systems until 2005, and even then, procedures were insufficient. This resulted in a $600,000 fine, censure, and a requirement for the Chief Compliance Officer to certify improved compliance within 60 days.^[41] In April 2010, FINRA fined Scottrade $200,000 for violations of pattern day trading margin rules under FINRA Rule 4210 and federal regulations. From 2006 to 2009, the firm permitted over 171,000 day trades in 11,708 margin accounts that did not maintain the required $25,000 minimum equity, and extended credit improperly. Scottrade's supervisory systems failed to prevent these breaches, leading to the penalty without admission of wrongdoing.^[42]

Misrepresentations

In 2008, the U.S. Securities and Exchange Commission (SEC) investigated Scottrade for fraudulent misrepresentations made to customers regarding the execution quality of their Nasdaq pre-open orders.^[43] Between January 1, 2001, and December 31, 2004, Scottrade's account opening documents and periodic statements implied that the firm routed these orders to achieve executions based on liquidity at market opening, potentially superior to the National Best Bid and Offer (NBBO), and that it conducted regular reviews to ensure optimal execution.^[44] However, Scottrade lacked policies and procedures to evaluate execution quality, did not perform rigorous reviews of market center performance, and failed to consider alternative pricing mechanisms such as single-price or midpoint pricing, thereby misleading customers about the features and risks associated with order routing.^[44] Specific instances included Scottrade's acceptance of pre-open orders without disclosing that its routing practices did not align with the represented standards for superior liquidity and execution, exposing customers to potentially suboptimal trade outcomes without adequate warnings of associated risks.^[44] These disclosures were part of broader customer-facing materials that overstated the firm's commitment to best execution, contributing to inadequate transparency on how orders were handled during pre-market sessions.^[43] Scottrade settled the SEC charges in June 2008 without admitting or denying the findings, agreeing to a censure, a cease-and-desist order, and payment of a $950,000 civil penalty to the U.S. Treasury.^[44] The settlement required the firm to halt further violations of Section 17(a)(1) of the Securities Exchange Act of 1934, which prohibits fraudulent practices in connection with securities transactions.^[44] In light of the SEC's enforcement priorities on broker-dealer disclosures, this case underscored ongoing regulatory concerns with execution quality across the industry.^[43] The resolution impacted customer trust by highlighting discrepancies between advertised services and actual practices, prompting Scottrade to implement enhanced compliance measures, including improved order routing disclosures and internal reviews to better align representations with operational realities.^[43] Post-settlement, the firm overhauled its supervisory procedures for trade execution to mitigate similar risks and restore confidence among retail investors.^[44]

Record-Keeping Violations

In 2014, the U.S. Securities and Exchange Commission (SEC) charged Scottrade with violations of federal securities laws related to its failure to maintain and provide accurate records in response to regulatory requests for "blue sheet" trading data.^[45] These blue sheets, required under Section 17(a) of the Securities Exchange Act of 1934 and related rules including 17a-4(j) and 17a-25, compel broker-dealers to submit detailed customer and trade information to assist regulators in investigating potential market abuses.^[45] The violations stemmed from a computer coding error introduced in March 2006, which caused Scottrade's automated systems to omit certain trades—particularly those in error accounts and unauthorized intrusions—from blue sheet submissions made to the SEC between March 2006 and April 2012.^[45] This technical flaw affected 1,231 responses, resulting in incomplete data that hindered the SEC's surveillance efforts and enforcement actions against suspected securities law breaches.^[45] Although the rules originated under NASD (now FINRA) frameworks, the SEC's investigation revealed Scottrade's inadequate policies and procedures for ensuring compliance with these record-keeping obligations.^[45] Additionally, in November 2015, the Financial Industry Regulatory Authority (FINRA) fined Scottrade $2.6 million for significant failures in retaining business-related electronic records from January 2011 to January 2014. The firm did not preserve approximately 168 million outgoing emails and other records in the required write-once, read-many (WORM) format, violating SEC Rule 17a-4, FINRA Rules 3110, and 4511. Scottrade also lacked reasonable supervisory systems to ensure compliance, including inadequate testing of its email retention vendor. The firm agreed to the findings without admitting or denying them and was required to certify implementation of enhanced procedures.^[46] As part of the 2014 SEC settlement, Scottrade agreed to pay a $2.5 million civil penalty and admitted the facts underlying the SEC's findings, marking an early instance of the agency's push for such admissions in enforcement actions.^[45] The firm also committed to ceasing future violations, correcting the deficient coding, and engaging an independent consultant to review and enhance its supervisory procedures for blue sheet submissions.^[45] These record-keeping lapses underscored broader challenges in the brokerage industry, where reliance on automated systems for regulatory reporting can inadvertently impair enforcement if not rigorously tested and monitored, potentially delaying detection of manipulative trading or other illicit activities.^[45] The case highlighted the critical role of accurate blue sheet data in maintaining market integrity and prompted increased scrutiny on firms' technological compliance infrastructure.^[45]

Data Breach

In October 2015, Scottrade disclosed a cyber intrusion that had occurred between late 2013 and early 2014, affecting approximately 4.6 million customers who held accounts prior to February 2014.^[47]^[48] The breach involved unauthorized access to a customer database containing names, physical addresses, email addresses, and Social Security numbers, but investigators found no evidence that financial account information was compromised or misused.^[49]^[50] The intrusion was attributed to criminal hackers who gained access to Scottrade's network over several months, using overseas servers to exfiltrate the data.^[51] In November 2015, the U.S. Department of Justice charged three individuals—Gery Shalon, Joshua Samuel Aaron, and a third co-conspirator—with hacking into Scottrade's systems as part of a broader scheme targeting financial firms, including E*TRADE; the perpetrators faced allegations of identity theft and unauthorized computer access. In January 2021, Russian national Andrei Tyurin, associated with the hacking group involved in the breaches at Scottrade and other firms, was sentenced to 12 years in federal prison for computer intrusion, wire fraud, and related charges.^[52] Scottrade was unaware of the breach until federal authorities informed the company in 2015 during their investigation.^[53] The disclosure prompted multiple class-action lawsuits alleging negligence in data security and breach of contract, including Kuhns v. Scottrade, Inc., filed in the U.S. District Court for the Eastern District of Missouri.^[54] Plaintiffs sought at least $5 million in damages for the affected customers, claiming the breach exposed them to risks of identity theft and privacy invasion.^[55] In 2017, the U.S. Court of Appeals for the Eighth Circuit affirmed the district court's dismissal of the consolidated claims, ruling that while plaintiffs had Article III standing due to a contractual breach of privacy promises, the allegations failed to specify violations of applicable laws or regulations.^[54]^[56] In response, Scottrade notified affected customers starting in October 2015 and provided one year of free credit and identity theft monitoring services to help mitigate potential harm.^[57] The company also enhanced its cybersecurity measures, including network upgrades and improved detection protocols, and complied with regulatory disclosure requirements under the Securities and Exchange Commission's evolving data protection framework, such as Regulation S-P, which mandates safeguards for customer information.^[58] No financial penalties were imposed directly for the breach itself, though it occurred amid prior regulatory scrutiny of Scottrade's compliance practices.^[45]

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