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Robinhood To Pay Approximately $70 Million In Fines Due To Regulatory Errors

Mary Liu

Summary: The popular stockbroker Robinhood was ordered by the Financial Industry Regulatory Agency (FINRA) to fined about $70 million due to regulatory errors.  FINRA stated that millions of customers have suffered extensive and significant damage, including receiving false or misleading information from the company, being affected by the company's system interruption in March 2020, and Robinhood ...

The popular stockbroker Robinhood was ordered by the Financial Industry Regulatory Agency (FINRA) to fined about $70 million due to regulatory errors. 

FINRA stated that millions of customers have suffered extensive and significant damage, including receiving false or misleading information from the company, being affected by the company's system interruption in March 2020, and Robinhood allowing thousands of unqualified customers to trade options, FINRA said the financial penalties imposed on Robinhood are the largest ever issued by the agency.

By Mary Liu

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