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Scottrade’s Riney Becomes a Billionaire as Firm Shops for Buyer

  • Discount brokerage could fetch as much as $4 billion in a sale
  • Co-founder consolidated control in 1985, has majority share

Making trades for seven bucks each has made Rodger Riney a billionaire.

Scottrade Financial Services, Inc., the discount brokerage Riney co-founded in 1980, hired an adviser to help sell the firm for about $4 billion, people familiar with the matter said last week. Riney’s 75 percent stake is valued at $2.2 billion by the Bloomberg Billionaires Index, based on the midpoint between the company’s stated book value of $1.8 billion and the potential $4 billion sale price.