Robinhood has agreed to pay $45 million after the SEC found 10 separate securities law violations by two of its broker-dealers.
Robinhood Securities LLC and Robinhood Financial LLC were found to have contravened a range of rules over several years:
There were additional violations that were detailed in the SEC Order which applied only to Robinhood Securities. These related to its blue sheet data filings and fractional share trading and stock lending.
“It is essential to the Commission’s broader efforts to protect investors and promote the integrity and fairness of our markets that broker-dealers satisfy their legal obligations when carrying out their various market functions,” said Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement. “Today’s order finds that two Robinhood firms failed to observe a broad array of significant regulatory requirements, including failing to accurately report trading activity, comply with short sale rules, submit timely suspicious activity reports, maintain books and records, and safeguard customer information.”
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