The online brokerage platform Robinhood will pay around $70 million in fines over “widespread and significant harm suffered by customers” regarding misleading communications and system outages earlier this year, the Financial Industry Regulatory Authority announced today. It’s the largest penalty ever ordered by the regulator.
“This action sends a clear message,” reads a statement from FINRA. “All FINRA member firms, regardless of their size or business model, must comply with the rules that govern the brokerage industry, rules which are designed to protect investors and the integrity of our markets.”
This is a breaking story and will be updated.