Robinhood Ordered To Pay 70 Million Over Harm Caused To Millions Of Traders
On June 30, the regulator said that Robinhood, a commission-free stock trading app that promises to “democratize finance for all,” must pay a fine of $57 million and an additional $12.6 million in restitution, plus interest, to thousands of customers. According to FINRA, the penalty is the largest imposed on a company to date. Robinhood has been accused of systematic failures including major outages in March 2020, as well as the impact on millions of customers who “received false or misleading information” from the company....