Robinhood discloses New York AG probe into brokerage execution

By Jeff Dale2023-08-10T15:08:00+01:00

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Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.

The probe is being carried out by the New York attorney general, said Robinhood in its Aug. 3 filing. The firm provided no further details, other than it is cooperating with the investigation.

Robinhood also detailed previous and current investigations by state and federal regulators related to options trading and customer communications supervision, off-channel communications, cryptocurrency trading, account takeovers, anti-money laundering (AML) and cybersecurity, and securities law violations.

The company said it is cooperating with all investigations.

Robinhood has been no stranger to penalties regarding these areas, including a $30 million settlement it reached with the New York State Department of Financial Services in August 2022 regarding AML and cybersecurity lapses at its crypto unit.

Jeff Dale

Jeff Dale is the Digital Editor of Compliance Week. He previously worked as a copy editor with the Boston Herald and Patriot Ledger in Quincy, Mass., and is a former city editor of The Hour Publishing Co. in Norwalk, Conn.View full Profile

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Robinhood discloses New York AG probe into brokerage execution

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and Large Team. Visit our page to decide which level is right for you.

Compliance Week accepts outside contributions from corporate chief compliance officers and other senior-level GRC practitioners. To learn more, contact Editor in Chief Kyle Brasseur.