Mass. Regulator Wants Robinhood Barred From State

Law360 (April 15, 2021, 7:36 PM EDT) -- Massachusetts' top securities regulator said Thursday he wants Robinhood LLC barred from doing business in the Bay State, citing the stock trader's "cavalier" approach to enticing inexperienced investors into risky bets.

Massachusetts Secretary of the Commonwealth William Galvin is seeking to amend an administrative complaint he filed against the California-based company in December, saying the original fine and change of practices he was seeking was no longer sufficient. That was the first enforcement action brought under the state's new fiduciary rule, which is stricter than regulations imposed by the U.S. Securities and Exchange Commission.

Galvin also criticized Robinhood for filing its own...

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