SogoTrade
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| Type | Private |
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| Industry | Financial services, Discount Brokerage, Online investing firm |
| Founded | New York, New York in 2008 |
| Headquarters | New York, New York |
| Key people |
Steven Wang, CEO, Dennis Maloney, COO |
| Products | Financial Services |
| Website | www.sogotrade.com |
SogoTrade is an online discount stock market brokerage firm based in New York City that deals in shares of stock and exchange-traded funds (ETF). It was previously named SogoInvest when it was first launched in 2006. It is affiliated with Wang Investment Associates, Inc.. Dealing entirely on the Internet, trades are placed by the customer in real time. Sogotrade offers two trading platforms, SogoTrade (Web-based) and SogoTrade Options.
SogoTrade is regulated and licensed by the Financial Industry Regulatory Authority (FINRA) and insured by Securities Investor Protection Corporation (SIPC).
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[edit] History
1999 William Yeh founds Genesis Securities LLC. In Flushing, New York. The Securities and Exchange Commission approves Genesis as a broker/dealer and the firm begins to build its technology infrastructure, including state-of-the-art data center and high-speed direct connections to major markets and ECNs.[citation needed]
2000 Genesis opens for business and begins development of its own DMA trading platform, LASER.[citation needed]
2001 Genesis’ business grows rapidly despite the declining stock market.[citation needed]
2002 Genesis executes over 70 million shares in one day, a new volume record for the company.[citation needed]
2004 Genesis DMA platform, LASER, receives NASDAQ’s prestigious Platinum Class certification. It is the first order entry platform to receive this highest Platinum rating. Brad Reifler, Tom Dittmer, Bert Cohen, and Paul Chu join as managing directors. Genesis moves its headquarters to 50 Board Street in the heart of New York’s financial district just steps from the New York Stock Exchange.[citation needed]
2005 NASDAQ’s invites William Yeh to closing bell ceremonies honoring LASER’s continued success in the NASDAQ certification program. After rigorous review, Genesis is approved as a self-clearing broker/dealer and becomes a member of The National Securities Clearing Corporation (NSCC) and The Depository Trust & Clearing Corporation (DTCC). Genesis Securities begins development of SogoInvest, a new online trading platform focusing on providing friendly service, fast executions, and low commission trading to retail investors. Genesis executes over 100,000 trades in one day, a new volume record for the company.[citation needed]
2006 Genesis launches SogoInvest, a new online brokerage, offering $3.00 online equity trade commissions. Forbes Magazine publishes an article about Genesis Securities and SogoInvest, calling the firm "The Deepest Discount Broker".[citation needed] William Yeh is awarded the 2006 Taiwan and Overseas Chinese Entrepreneur Award by the China Youth Career Development Association in recognition of Mr. Yeh’s business success. The award is presented to Mr. Yeh by President Chen Shuibian and Vice President Annette Lu of the Republic of China in Taipei, Taiwan.[citation needed] Genesis executes over 200,000 trades in one day, a new volume record for the company.[citation needed]
2007 SogoInvest is ranked among The Best Discount Broker of 2007 by Barron’s.[citation needed]
2008 SogoInvest changes name to SogoTrade, launches new website, www.sogotrade.com and introduces a new robust trading platform. On January 23, Genesis transacts 130,674,739 shares in one day, a new volume record for the company.[citation needed] On June 3, 2008 Genesis named Dave D. Whitmore, a former TD Ameritrade executive, to head SogoTrade.[1]
2009 On January 8, 2009 SogoTrade suspended its Dividend Reinvestment Plan and sold off the fractional shares of all of its clients.[citation needed]
[edit] Now part of Wang Investments
As of January 2011, Sogotrade was being transferred to Wang. The new clearing house is Penson. The transition has caused substantial interruptions in account balances being updated, ACH bank transfers, and customer service.
[edit] References
- ^ "Genesis Securities Appoints Dave Whitmore as President of SogoTrade Deep Discount Brokerage". Business Wire. http://www.businesswire.com/news/google/20080603005194/en. Retrieved 2008-06-03.
