The Financial Industry Regulatory Authority (FINRA) on Wednesday ordered online stock-trading platform Robinhood Financial to pay a record-breaking $70 million in penalties, the result of “systemic supervisory failures in several critical parts of its business.”

Robinhood neither admitted nor denied the charges but consented to the entry of FINRA’s order, which included a censure; a $57 million fine; and $12.6 million in restitution, plus interest, to thousands of harmed customers.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...