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Robinhood Deletes One Line From Voluminous Legal Issues Section Of IPO Prospectus
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FINRA Orders Record Financial Penalties Against Robinhood Financial LLC
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Wed, 30 Jun 2021 21:59 UTC Robinhood will pay a record $70 million fine, the largest ever slapped down by the Financial Industry Regulatory Authority (FINRA).
The regulator found the popular trading platform misled millions of customers, allowed unqualified accounts to trade options and mishandled a widespread outage in March of 2020.
The penalty sends a clear message about breaking the brokerage industry s rules. The fine imposed in this matter, the highest ever levied by FINRA, reflects the scope and seriousness of Robinhood s violations,
including FINRA s finding that Robinhood communicated false and misleading information to millions of its customers, said Jessica Hopper, executive vice president and head of FINRA s Department of Enforcement in the disclosure.
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Robinhood, the app that looks like the lovechild of a stock-trading platform and a video game, was hit with a record $70m bill by a US watchdog for causing investors to lose millions in total from misleading financial information and system outages.
The Financial Industry Regulatory Authority (FINRA) ordered the software biz to cough up $57m in fines plus pay back $12.6m to customers to cover their losses with interest.
“The fine imposed in this matter, the highest ever levied by FINRA, reflects the scope and seriousness of Robinhood’s violations, including FINRA’s finding that Robinhood communicated false and misleading information to millions of its customers,” Jessica Hopper, the head of FINRA’s Department of Enforcement, said in a statement.