Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Former FBI Director Robert Mueller has Parkinson’s disease:...
Earthwise Advertising & Investor Awareness Campaign
Commencement of Henbury Field Program
RCM to Acquire Webbs Consol Silver Project from...
Basin Energy
Epstein estate to hand over ‘birthday book’ to...
Dyan Cannon denied White House entry after lying...
Israel eliminates Houthi prime minister in Yemen airstrike...
Sen. Bernie Sanders calls on RFK Jr. to...
Trump appointee exits US foreign aid agency after...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

SEC charges Robinhood with securities violations; brokerage to pay $45 million penalty

by admin January 14, 2025
January 14, 2025
SEC charges Robinhood with securities violations; brokerage to pay $45 million penalty

The Securities and Exchange Commission on Monday said two related Robinhood broker-dealers agreed to pay $45 million in combined penalties to settle administrative charges that they violated more than 10 separate securities law provisions related to their brokerage operations.

The violations by Robinhood Securities LLC and Robinhood Financial LLC are related to failures to report suspicious trading in a timely manner, failing to implement adequate identity theft protections and failing to adequately address unauthorized access to Robinhood computer systems, the SEC said.

The two Robinhood entities also had longstanding failures to maintain and preserve electronic communications, failed to retain copies of operational databases, and failed to maintain some customer communications as legally required between 2020 and 2021, according to the agency.

The SEC said that Robinhood Securities alone failed for more than five years “to provide complete and accurate securities trading information, known as blue sheet data” to the agency.

According to an SEC order made public Monday, “During the [Electronic Blue Sheets] Relevant Period, in response to requests from the Commission, Robinhood Securities made at least 11,849 EBS submissions to the Commission that contained inaccurate information or omissions, resulting from eleven types of errors.”

“Those errors resulted in the misreporting of EBS data for at least 392 million transactions,” the order said.

Sanjay Wadhwa, the acting director of the SEC’s Division of Enforcement, in a statement, said, “It is essential to the Commission’s broader efforts to protect investors and promote the integrity and fairness of our markets that broker-dealers satisfy their legal obligations when carrying out their various market functions.”

“Today’s order finds that two Robinhood firms failed to observe a broad array of significant regulatory requirements, including failing to accurately report trading activity, comply with short sale rules, submit timely suspicious activity reports, maintain books and records, and safeguard customer information,” Wadhwa said.

Robinhood Markets General Counsel Lukas Moskowitz, in a statement, said, “We are pleased to resolve these matters. As the SEC’s order acknowledges, most of these are historical matters that our broker-dealers have previously addressed.”

“We are well-positioned to continue leading the industry in developing the innovative products and services our customers want and need to participate in U.S. and global financial markets,” Moskowitz said. “We look forward to working with the SEC under a new administration.” 

This post appeared first on NBC NEWS

previous post
Comcast and Harris Blitzer to build NBA, NHL stadium in south Philadelphia
next post
Barry’s Bootcamp announces new investment as others exit boutique fitness category

You may also like

Macy’s turnaround hinges on revamping some stores and...

March 7, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 28, 2025

Universal’s Epic Universe theme park set to open...

October 19, 2024

Coca-Cola dodges after Trump says soda will switch...

July 18, 2025

IBM pledges $150 billion to boost U.S. tech...

April 29, 2025

Nationwide coordinated retail crime crackdown results in hundreds...

June 5, 2025

Here are some money moves to make before...

July 27, 2024

Claire’s, known for piercing millions of teens’ ears,...

August 8, 2025

Trump Media CFO, two other insiders sell millions...

November 16, 2024

Spirit Airlines, fresh from bankruptcy, is ready to...

March 14, 2025

Recent Posts

  • Former FBI Director Robert Mueller has Parkinson’s disease: report
  • Earthwise Advertising & Investor Awareness Campaign
  • Commencement of Henbury Field Program
  • RCM to Acquire Webbs Consol Silver Project from Lode Res.
  • Basin Energy

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (902)
    • Investing (2,872)
    • Politics (3,525)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.