When Robinhood files its IPO paperwork as expected in the coming weeks, it might want to leave “paid biggest Finra fine ever” off its list of milestones.
“Robinhood has invested heavily in improving platform stability, enhancing our educational resources, and building out our customer support and legal and compliance teams,” a Robinhood spokesperson said in a statement on Wednesday. “We are glad to put this matter behind us and look forward to continuing to focus on our customers and democratizing finance for all.”
In a 122 page document, Finra lays out a detailed investigation into what the regulator alleges were widespread derelictions by Robinhood to properly manage its own technology. 72 of the pages in the Finra settlement are devoted to detailing erroneous margin notifications the app made to customers between 2018 and 2020.
Source: Digital Coin News (digitalcoinnews.net)
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