Robinhood Agrees to Pay $26M for FINRA Allegations Settlement

Robinhood Markets Inc.’s (HOOD) units — Robinhood Financial and Robinhood Securities — have to pay $26 million to settle Financial Industry Regulatory Authority (“FINRA”) allegations for failing to respond to red flags about potential misconduct and not verifying the identities of thousands of customers.Also, FINRA has ordered Robinhood Financial to pay $3.75 million in compensation to the trading platform’s customers.Details of Allegation Against HOODFINRA found that Robinhood Financial provided customers ...