- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2025-03-12T18:56:00
Robinhood will pay nearly $30 million in penalties for violating Financial Industry Regulatory Authority (FINRA) rules with shortcomings in its anti-money laundering (AML) program, as well as supervisory and disclosure violations.
Two subsidiaries of Robinhood Markets–Robinhood Financial and Robinhood Securities–had AML programs that failed to “detect, investigate, or report suspicious activity, including manipulative trading, suspicious money movements, and instances where customers’ accounts were taken over by third-party hackers,” FINRA, a self-regulatory organization that oversees broker-dealers, said in a press release Friday.
Robinhood Financial also failed to establish a reasonable customer identification program, FINRA said, which “resulted in the firm opening thousands of accounts when it had not reasonably verified the customer’s identity.”
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2025-03-19T11:53:00Z By Adrianne Appel
An investment company and its founder, president, and chief compliance officer flagrantly kept violating mutual fund rules for multiple years after settling with the Securities and Exchange Commission, the SEC said in a complaint against the company.
2025-01-14T17:11:00Z By Aaron Nicodemus
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
2024-01-18T20:54:00Z By Kyle Brasseur
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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