TD Ameritrade

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TD Ameritrade

Basic information
Founded	1975
Legal structure	Financial Services
Industry	Financial Services
Official website	https://web.archive.org/web/20250000000000*/http://www.tdameritrade.com/

TD Ameritrade was a US-based company providing brokerage and related financial services. The company underwent an acquisition by Charles Schwab between 2019 and 2020 and completed transition of customer accounts in 2024.

Incidents

Security breaches

In November 2007, the company disclosed that hackers had breached its systems, gaining access to sensitive client information, including names, Social Security numbers, dates of birth, addresses, phone numbers, and trading activity. Following a class-action lawsuit in 2011, the company agreed to a settlement, offering compensation ranging from $50 to $2,500 to customers who fell victim to identity theft as a result of the breach. In 2020, customer login credentials were found being sold on the dark web.

Auction rates securities scandal

In 2009, TD Ameritrade settled a lawsuit that accused the firm of misleading investors by selling them auction-rate securities it touted as safe, short-term investments. The investments, which had been considered safe before the 2008 financial crisis, later became illiquid, making investors' money irretrievable. The firm has agreed to pay $456 million and to buy back all the affected securities at their face value to compensate investors for losses.