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Citron started working at Datek Securities as an office clerk in 1988, when he was 17 and had just graduated from high school. With programmer Joshua Levine, he found ways to automate securities trading and exploit weaknesses in the Nasdaq Small Order Execution System, and founded several companies associated with Datek including Smith Wall Associates and, in 1992, The Island ECN, an ...
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TD Ameritrade was a stockbroker that offered an electronic trading platform for the trade of financial assets.The company was founded in 1975 as First Omaha Securities.In 2006, it acquired the United States operations of TD Waterhouse from Toronto-Dominion Bank and was renamed TD Ameritrade.
He began at startup Datek Online [13] and afterwards he moved to Texas and partnered with Philip Berber on a prototype online trading system called Cyber-Block, [14] which was acquired by Charles Schwab for $488 million in 2000, before moving to New York to start Tradescape, [15] of which he was the founder, chief executive and majority shareholder. [16]
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Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII, with over $3.1 billion of investor commitments. The firm's most notable investments in 2000 included the $700 million acquisition of Datek, sold to TD Ameritrade in 2002, [101] as well as the $305 million acquisition of KB Toys from Consolidated Stores. [102]
In October 1999, Citron was forced out at the behest of president Ed Nicoll, who was worried that Citron's connections to Datek—then under investigation by the Justice Department—could cause the firm legal issues. In December 2000, Island became a separate company from Datek, with Matt Andresen as CEO.
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