Robinhood slapped with biggest-ever penalty by Wall Street regulator
New York (CNN Business)Robinhood is being ordered to pay about $70 million for harming millions of customers. It's the largest penalty ever imposed by Wall Street's self-regulator.
The controversial trading app was accused Wednesday by the Financial Industrial Regulatory Authority of "systemic supervisory failures" and hurting investors by giving them "false or misleading information."
FINRA's sanctions on Robinhood focus on large-scale system outages that hit the platform in March 2020 as well as the options trading procedures at the heart of a lawsuit filed by the family of a 20-year-old Robinhood trader who died by suicide last year.
"The fine imposed in this matter, the highest ever levied by FINRA, reflects the scope and seriousness of Robinhood's violations," Jessica Hopper, head of FINRA's department of enforcement, said in a statement.
more:
http://www.cnn.com/2021/06/30/investing/robinhood-trading-fine-finra/index.html
Do something positive.
| 