(Bloomberg) — Robinhood Securities LLC and Robinhood Monetary LLC agreed to pay $45 million in civil penalties to settle a variety of US Securities and Trade Fee allegations, the regulator stated Monday.
“As we speak’s order finds that two Robinhood corporations failed to watch a broad array of great regulatory necessities, together with failing to precisely report buying and selling exercise, adjust to brief sale guidelines, submit well timed suspicious exercise reviews, preserve books and data, and safeguard buyer data,” stated Sanjay Wadhwa, the SEC’s performing enforcement director, in a press release.
Robinhood stated it was happy to resolve the issues.
“Because the SEC’s order acknowledges, most of those are historic issues that our broker-dealers have beforehand addressed,” stated Lucas Moskowitz, Robinhood’s basic counsel, in a press release. “We’re well-positioned to proceed main the trade in growing the revolutionary services and products our prospects need and have to take part in U.S. and international monetary markets. We stay up for working with the SEC underneath a brand new administration.”