The Securities and Exchange Commission (SEC) has ordered Robinhood to pay $45 million in penalties for multiple securities law violations between 2018 and 2024. The enforcement action targets both Robinhood Financial LLC and Robinhood Securities LLC. The latter is facing a $33.5 million fine and the former is being penalized $11.5 million. According to the SEC’s order, the violations include deficient blue sheet submissions, improper stock lending practices, inadequate identity theft prevention measures, and failures in recordkeeping requirements. The SEC’s investigation uncovered several major compliance failures at Robinhood.
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