The Securities and Exchange Commission (SEC) announced that two Robinhood broker-dealers, Robinhood Securities LLC and Robinhood Financial LLC, have agreed to pay a combined $45 million in penalties to settle administrative charges. The violations stemmed from failures to report suspicious trading, implement adequate identity theft protections, address unauthorized access to systems, maintain electronic communications, retain operational databases, and provide complete and accurate securities trading information to the SEC.
The Sec urities and Exchange Commission said two related Robinhood broker-dealers agreed to pay $45 million in combined penalties to settle administrative charges.The violations by Robinhood Sec urities LLC and Robinhood Financial LLC 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 Monday.
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. 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."
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