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Scottrade was a discount brokerage firm that operated both online and at branches. In , Rodger O. Riney founded Scottsdale Securities as a retail discount brokerage in Scottsdale, Arizona. Louis and opened a second branch. In , the company moved its headquarters to St. By , the company had 6 branches, and by , the company had 15 branches. In , the company launched its website and began offering services for investing online. The name of the company was changed to Scottrade because the domain Scottrade.
For 2 years after the dot-com bubble burst in , revenue declined, although it fully recovered by The company began offering Chinese-language services in its retail locations in and in made its online offerings available in Chinese. Between to , the company doubled the number of retail branch locations, reaching in In , Scottrade bought an office building outside of St. Louis next to its call center to use as its corporate offices.
In , Scottrade purchased the naming rights for the stadium of the St. Louis Blues , which was renamed the Scottrade Center. In , the company launched Scottrade Bank. In , the company launched a mobile app. In September , the online brokerage division of the company was acquired by TD Ameritrade and the banking division was acquired by TD Bank.
In , the U. Securities and Exchange Commission charged the company with making fraudulent misrepresentations to clients about their Nasdaq pre-open orders in violation of the Securities Exchange Act of In January , the company admitted to violating the record keeping requirements of federal security laws. Securities and Exchange Commission submitted a request for data describing its trades as part of an investigation into whether an account had been hacked and unauthorized trades made for a customer.
Every brokerage firm is required to keep trading records under the law. The company was missing data over a six-year period. In October , Scottrade revealed that, in late and early , hackers accessed an encrypted database containing the personal records of more than 4. Scottrade did not admit to or deny these charges, but consented to an entry of FINRA's findings and agreed to pay the fine. From Wikipedia, the free encyclopedia. American City Business Journals.
Acquired by TD Ameritrade.