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SEC charges Robinhood with securities violations, brokerage to pay $45 million penalty
- The Securities and Exchange Commission said two related Robinhood broker-dealers agreed to pay $45 million in combined penalties to settle administrative charges. - The SEC said Robinhood violated more than 10 separate securities law provisions.
The violations by Robinhood related to failures to report suspicious trading in a timely manner, failing to implement adequate identity theft protections, and failing to adequately address unauthorized access to Robinhood computer systems, the SEC said. "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," Wadhwa said. The Securities and Exchange Commission said two related Robinhood broker-dealers agreed to pay $45 million in combined penalties to settle administrative charges.
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