Robinhood reaches a $45 million settlement with the SEC.

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The U.S. Securities and Exchange Commission (SEC) announced that a settlement has been reached with a penalty of $45 million against Robinhood Securities LLC and Robinhood Financial LLC for violating regulatory obligations. These violations include reporting and record-keeping requirements, as well as cybersecurity vulnerabilities and compliance issues. The violations cover critical issues such as delays in protecting customer information and reporting suspicious transactions.

Severe Penalties for Robinhood Following SEC Reviews

The United States Securities and Exchange Commission (SEC) imposed a total fine of $45 million on the investment platform Robinhood's two subsidiaries. It was determined that Robinhood Securities LLC and Robinhood Financial LLC failed to comply with numerous regulatory rules.

According to the SEC's statement, significant violations were identified in various areas, from cybersecurity to the protection of customer data, and from reporting to record-keeping. SEC official Sanjay Wadhwa emphasized that the companies particularly failed to comply with short sale regulations and did not fulfill their obligations regarding suspicious transaction reporting.

During the investigation, it was noted that suspicious transaction reports were not submitted in a timely manner between January 2020 and March 2022. Additionally, it was revealed that customer information was not adequately protected against identity theft during the period from April 2019 to July 2022.

It was also documented that unauthorized access to the information of millions of users occurred during a cyberattack in 2021. Furthermore, the companies failed to regularly archive communications with customers in 2020 and 2021 and could not properly maintain brokerage records as required by federal laws.

Another significant violation of Robinhood Securities was recorded as non-compliance with the SHO Regulation in short sale transactions during the period from May 2019 to December 2023.

As a result of the settlement, Robinhood Securities agreed to pay a fine of $33.5 million, while Robinhood Financial agreed to pay $11.5 million. Both companies accepted the SEC's findings and pledged to strengthen their internal audit and compliance mechanisms.

The company had recently been required to pay a fine of $3.5 million as a result of an investigation conducted by the California Department of Justice regarding cryptocurrency assets.