{"id":9311,"date":"2021-07-01T06:41:14","date_gmt":"2021-07-01T11:41:14","guid":{"rendered":"https:\/\/globalnewsbreaking.com\/?p=9311"},"modified":"2021-07-01T06:45:29","modified_gmt":"2021-07-01T11:45:29","slug":"finra-orders-robinhood-to-pay-70-million-record-financial-penalties","status":"publish","type":"post","link":"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/","title":{"rendered":"FINRA Orders Robinhood To Pay $70 Million Record Financial Penalties"},"content":{"rendered":"\n<p>The\u00a0Financial Industry Regulatory Authority (FINRA) ordered Robinhood to pay approximately $70 Million for systemic supervisory failures and significant harm suffered by millions of customers.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.finra.org\/media-center\/newsreleases\/2021\/finra-orders-record-financial-penalties-against-robinhood-financial\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Industry Regulatory Authority<\/a> (FINRA) announced Wednesday that it has fined Robinhood Financial LLC $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands of harmed customers.<\/p>\n\n\n\n<p>&#8220;The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations,\u201d FINRA said in a statement.<\/p>\n\n\n\n<p>\u201cIn determining the appropriate sanctions, FINRA considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm\u2019s systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so,\u201d FINRA wrote.<\/p>\n\n\n\n<p>\u201cCompliance with these rules is not optional and cannot be sacrificed for the sake of innovation or a willingness to \u2018break things\u2019 and fix them later,\u201d said Jessica Hopper, Executive Vice President and Head of FINRA\u2019s Department of Enforcement. \u201cThe fine imposed in this matter, the highest ever levied by FINRA, reflects the scope and seriousness of Robinhood\u2019s violations, including FINRA\u2019s finding that Robinhood communicated false and misleading information to millions of its customers.\u201d<\/p>\n\n\n\n<p>Robinhood\u00a0experienced several outages last year, starting in March, particularly on days of high trading volumes. (To be clear, the settlement is not related to the so-called meme-stock frenzy of early 2021 when, at one point, Robinhood temporarily restricted\u00a0customers from buying\u00a0shares of several companies, including\u00a0GameStop.)<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Financial Industry Regulatory Authority (FINRA) ordered Robinhood to pay approximately $70 Million for systemic supervisory failures and significant harm suffered by millions of customers. The&nbsp;Financial Industry Regulatory Authority (FINRA) announced Wednesday that it has fined Robinhood Financial LLC $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[844],"tags":[1001,1000],"class_list":{"0":"post-9311","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stock-market","8":"tag-finra","9":"tag-robinhood"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINRA Orders Robinhood To Pay $70 Million Record Financial Penalties - gnbnow<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FINRA Orders Robinhood To Pay $70 Million Record Financial Penalties - gnbnow\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Financial Industry Regulatory Authority (FINRA) ordered Robinhood to pay approximately $70 Million for systemic supervisory failures and significant harm suffered by millions of customers. The&nbsp;Financial Industry Regulatory Authority (FINRA) announced Wednesday that it has fined Robinhood Financial LLC $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\" \/>\n<meta property=\"og:site_name\" content=\"gnbnow\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/globalnewsbreak\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-01T11:41:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-01T11:45:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gnbnow.com\/wp-content\/uploads\/2021\/07\/Robinhood-app-controversy.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"GNB Desk\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"GNB Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\"},\"author\":{\"name\":\"GNB Desk\",\"@id\":\"https:\/\/gnbnow.com\/#\/schema\/person\/3b26b75976c5eeda239a9a9671d33666\"},\"headline\":\"FINRA Orders Robinhood To Pay $70 Million Record Financial Penalties\",\"datePublished\":\"2021-07-01T11:41:14+00:00\",\"dateModified\":\"2021-07-01T11:45:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\"},\"wordCount\":280,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/gnbnow.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/gnbnow.com\/wp-content\/uploads\/2021\/07\/Robinhood-app-controversy.jpg\",\"keywords\":[\"FINRA\",\"Robinhood\"],\"articleSection\":[\"Stock Market\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\",\"url\":\"https:\/\/gnbnow.com\/finra-orders-robinhood-to-pay-70-million-record-financial-penalties\/\",\"name\":\"FINRA Orders Robinhood To Pay $70 Million Record Financial Penalties - 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