TD Ameritrade Holding Corp.

New York, NY: (Feb-08-07) The National Association of Securities Dealers (NASD) began an inquiry in November 2004 examining an online brokerage Ameritrade program that transferred clients' cash through an intermediary agent into government-insured bank accounts. Regulators said the program did not completely remove the funds from Ameritrade, the NASD, which is the securities industry's self-regulatory organization, said it determined the client funds in the program were liabilities and assets of Ameritrade and not of the banks participating in the program. As a result of that accounting change, Ameritrade did not have enough capital to meet federal rules on the last day of its 2004 fiscal year. The inquiry didn't affect the company's earnings, and no client money was lost. TD Ameritrade Holding Corp. paid $150,000 in December to settle the 2-year-old inquiry. [BUSINESS WEEK: AMERITRADE NASD]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.