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Scottrade’s Co-Founder - a Billionaire - Looking for Buyer
Scottrade Financial Services, the discount brokerage Rodger Riney co-founded in 1980, has made him a billionaire. Riney’s 75% stake is valued at $2.2 billion, and he’s now looking to sell the firm – for as much as $4 billion.
Riney, a native of Missouri, co-founded Scottrade in Scottsdale, AZ, in 1980 and bought out his business partner 5 years later. He introduced online $7 trades in 1998, and has kept the base price for trading steady ever since. In 2015, the company announced that he was undergoing treatment for multiple myeloma, a form of blood cancer.
The proposed sale has reportedly drawn interest from competitor TD Ameritrade. Scottrade, which files limited financial information to regulators, probably has less revenue than TD Ameritrade and E*Trade Financial, according to Bloomberg analyst David Ritter.
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