FINRA hit Robinhood with a $70 million fine
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FINRA hit Robinhood with a $70 million fine
The Stock Trading & Investing App will pay $57 million to Finra and nearly $13 million to harmed investors for a total of $70 million
Robinhood was just handed the biggest fine from the Financial Industry Regulatory Authority ever. It will pay $57 million to Finra and nearly $13 million to harmed investors for a total of $70 million.
It’s the latest blow to the online brokerage, which has faced a series of accusations of misleading and marooning customers. But the company sees an upside to its latest legal run-in, too: It believes it has resolved lingering issues enough to move forward with its long-anticipated I.P.O.
Settling the FINRA investigations appears to have been the final legal hurdle that the company wanted to clear before I.P.O. If all goes to plan, expect Robinhood’s own shares to begin trading before the end of August.