Robinhood hit with $70M record FINRA fine

UBS Global Wealth Management head David Lefkowitz argues the Fed isn’t offering any indications that the bull market is ending.

Robinhood will pay a record $70 million fine, the largest ever slapped down by the Financial Industry Regulatory Authority (FINRA).

The regulator found the popular trading platform misled millions of customers, allowed unqualified accounts to trade options and mishandled a widespread outage in March of 2020. 

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The penalty sends a “clear message” about breaking the brokerage industry’s rules. 

“The fine imposed in this matter, the highest ever levied by FINRA, reflects the scope and seriousness of Robinhood’s violations, including FINRA’s finding that Robinhood communicated false and misleading information to millions of its customers,” said Jessica Hopper, executive vice president and head of FINRA’s Department of Enforcement in the disclosure. 

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