Robinhood Markets Inc. faces a civil fraud investigation over its early failure to fully disclose its practice of selling clients’ orders to high-speed trading firms, people familiar with the matter said.
The investigation is at an advanced stage and the company could have to pay a fine exceeding $10 million if it agrees to settle the Securities and Exchange Commission probe, one of the people said. A deal, however, is unlikely to be announced this month, the people said, and the two sides haven’t formally negotiated a proposed fine, the person said.
A Robinhood spokeswoman declined to comment on the investigation or any talks with regulators, but said: “We strive to maintain constructive relationships with our regulators and to cooperate fully with them.”
they deserve it. I have finally started to take my money out, after they failed to respond to my multiple requests over the period of one month, to change my account to a cash account. These guys are definitely fraudulent.
Former SEC chairman Harvey Pitt on reported probe into Robinhood via YouTube
Oh no a $10m fine
It's going to crash regardless of who's president because you've been artificially pumping it up with federal dollars to help your reelection.
Wreck these clowns
👇
I taught everyone was doing that .
Neloangelo314 well... More shit keeps popping up!
Must not have been Trump contributor
Terry_McFly
Hor else does one think they make money? Technology allows: Front running Skewed prices Client IQ predictions
Stalingrad_Poor RobinhoodApp could take negative comission ($.02 a contract) and still make money, that's how lucrative retail order flow is
Stalingrad_Poor
Robinhood: allows institutional investors to profit off poor people SEC: *slaps on wrist*
Lol.
Spoiler: They’ll settle for a small fine and won’t have to admit guilt (whatever charges there may be). No one should expect someone like Jay Clayton to actually regulate.
Lmao
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