Friday, September 14, 2007

TD Ameritrade SPAM Investigation

To Meridian Clients,

You will be receiving a letter in the mail soon and may hear on the news shortly (or already heard) that TDAmeritrade has discovered unauthorized code in their system that may have allowed for a hacker to obtain TDAmeritrade client e-mail addresses. Those addresses may have been subsequently used for SPAM purposes.

I wanted to address this issue head on and state for the record that I am very disappointed in TD Ameritrade. This is unacceptable and a breach of my and your trust. I have made it a practice NOT to submit e-mail address data to TDAmeritrade so it is unlikely any of you are affected. However, a few of my clients have elected electronic statements and thus have turned over their e-mail address to TDAmeritrade.

I've posted the letter from TDA here as well as a video message link to Joe Moglia, the CEO, here.

While I am very disappointed in this breach, I don't believe TDAmeritrade is the only company that this could happen to. I am however looking at my options for your accounts and will begin the process to determine whether or not I can still trust TDAmeritrade with my clients assets.

I think you will be impressed with how they responded to this crisis and I want to assure you that your assets where never at risk and never will be by hackers. TDAmeritrade has an Asset Protection Guarantee that protects your assets in case of these types of problems.

I apologize for this inconvenience and am available for any questions you might have.

Warm regards,

Scott Dauenhauer, CFP, MSFP, AIF