Jonathan Stempel
(Reuters) -Robinhood Markets, a platform for the online store, agreed to pay $ 29.75 million to get rid of several trial bodies of the financial industry in its supervisory and harmony practices, including the “red flag” of potential violation of the law.
The brokerage house regulator said on Friday that Robinhood would pay a civilian sentence of $ 26 million and $ 3.75 million to customers.
Finra accused Robinhood of violating “numerous” rules, including failure to apply reasonable money laundering programs that led to suspicious or unauthorized trading and hacking accounts of customers.
He also said that Robinhood failed to properly monitor the impact on the social media that promoted the company or responded to several warnings on the delays in the processing of crafts.
Finra said the latter turned into a “serious” problem in January 2021. Late that month, Robinhood limited trading into “meme” supplies like Gamestop and AMC Entertainment Holdings.
The restitution will go to customers who have not been informed about Robinho’s practice of “market orders”, which led to the cancellation of some crafts and re -enrolled at inferior prices.
Robinhood did not acknowledge or deny injustice by accepting settlements, and said he solved problems dating from 2014.
Menlo Park, a California company, has allocated money that covers the settlement 2023 and 2024.
Erica Crosland, head of the implementation of regulatory implementation and investigations, Robinhood, said the company with the pleasure of settlement.
In January, Robinhood agreed to pay $ 45 million of civic fines to settle US expenses for securities and exchanges for keeping records, trade reports and other rules.
Founded in 2013, Robinhood became known for its trade without commission and releasing investors in the Kripto Currency store.
(Reporting Jonathan Stempel in New York; Mounting Chizu Nomiyama)
