Scottrade Fined $2.5 Million Over Trade Disclosure Flap

5 years 9 months 2 weeks ago Wednesday, January 29 2014 Jan 29, 2014 Wednesday, January 29, 2014 1:34:00 PM CST January 29, 2014 in News
By: The Associated Press

ST. LOUIS (AP) - Federal regulators say St. Louis-based discount brokerage firm Scottrade has agreed to pay $2.5 million in fines for not providing the agency accurate and complete details about trades.

The St. Louis Post-Dispatch reports that in announcing the action, the Securities and Exchange Commission said Scottrade failed to satisfactorily honor the agency's request for specifics about certain trades between 2006 and 2012.

The SEC says the requests were part of its December 2011 probe of suspicious trades made in a Scottrade online brokerage account that was the apparent victim of account intrusion.

Scottrade says the omissions were "inadvertently" caused by a computer-programming error, and the company promptly corrected the issue when it was discovered.

 

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