July 26, 2017 2:58 AM ET

Capital Markets

Company Overview of Scottrade, Inc.

Company Overview

Scottrade, Inc. is an online brokerage company that provides investment products, online trading platforms, and market research tools for investors. The company offers investment products, such as individual retirement accounts, stocks, options, exchange-traded funds, mutual funds, bonds, certificates of deposit, corporate/municipal bonds, treasury bonds, education savings account, flexible dividend reinvestment, and international investments, as well as brokerage, retirement, custodial/guardian, specialty, and business accounts. It also provides option trading tools and technology; income, growth, speculative, and multi-leg strategies for various market conditions; and option trading suppor...

700 Maryville Centre Drive

Saint Louis, MO 63141

United States

Founded in 1980





Key Executives for Scottrade, Inc.

Age: 55
Founder and Chief Executive Officer of Scottrade Financial Services, Inc.
Chief Financial Officer and Chief Operating Officer
Executive Vice President of Brokerage and President of Scottrade Investment Management
President of Scottrade Bank Equipment Finance
Compensation as of Fiscal Year 2017.

Scottrade, Inc. Key Developments

Financial Industry Regulatory Authority, Inc. Reports Disciplinary Action Taken against Scottrade

Financial Industry Regulatory Authority, Inc. reported disciplinary actions taken against certain broker/dealers in December for violations of its rules and regulations. The regulator levied a penalty of $150,000 and censured Scottrade Inc. FINRA said Scottrade's confirmation statements for approximately 5,000 sales of municipal bonds over a seven-year period for about 1,500 customers did not identify the bonds as callable.

Peter deSilva to Join Scottrade, Inc. as President, Effective February 1, 2016

Peter deSilva joins Scottrade, Inc. as President, effective February 1. In this role, deSilva will lead brokerage strategy, brokerage product, and client services. With nearly three decades of experience in financial services, deSilva brings to the table a depth of business development experience and a powerful track record of transformational leadership. deSilva has previously served as a senior executive at Fidelity Investments and, most recently, as President and COO of UMB Financial Corporation.

FINRA Fines Scottrade, Inc. a $2.6 Million for Significant Failures in Required Electronic Records and Email Retention

The Financial Industry Regulatory Authority (FINRA) announced that it fined Scottrade, Inc. a $2.6 million for failing to retain a large number of securities-related electronic records in the required format, and for failing to retain certain categories of outgoing emails. Scottrade also did not have a reasonable supervisory system in place to achieve compliance with certain Securities and Exchange Commission (SEC) and FINRA books and records rules, which contributed to its record-retention failures. FINRA found that from January 2011 to January 2014, Scottrade did not have centralized document-retention processes or procedures for all firm departments to follow. Further, no one at the firm was charged with responsibility for ensuring a consistent document-retention process, fully compliant with the record-retention rules, including the requirement that all records be retained in WORM format. Personnel in different departments of the firm saved certain documents to a restricted shared drive, which was not WORM-compliant. As a result, Scottrade failed to preserve a large number of key securities business electronic records in the required format. Over a related time frame, FINRA found that Scottrade also failed to copy more than 168 million outgoing emails to the firm’s WORM storage device, resulting in the deletion of those emails. These emails were generated automatically by the firm’s internal systems or by third-party vendors acting on Scottrade’s behalf, and included items such as margin call notices, address change notifications and failed password attempt notifications. In concluding this settlement, Scottrade neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

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