NEW YORK (AP) — Robinhood Financial will pay a $57 million fine and return another $12.6 million to thousands of its customers to settle accusations of a wide range of supervisory failures, including that it it hurt customers by giving them misleading information and improperly allowing some to make riskier trades. It’s the largest financial penalty ever ordered by FINRA, which oversees brokerages. Robinhood neither admitted nor denied the charges in the settlement announced Wednesday. In a blog post, Robinhood said it has improved support for its customers, including the ability to call in and talk with a service representative for some issues.
Robinhood to pay $70 million to settle FINRA accusations
