SEC Fines Robinhood $65M For 'Misleading' Customers

Law360 (December 17, 2020, 11:20 AM EST) -- Robinhood Financial LLC agreed to pay a $65 million fine Thursday to resolve allegations from the U.S. Securities and Exchange Commission that the trading platform failed to disclose an order routing arrangement that hindered its ability to get the best pricing for customers and led to millions of dollars in losses.

The SEC said Thursday that Robinhood Financial has agreed to pay $65 million to resolve allegations it misled customers about an order routing arrangement that led to millions of dollars in losses. (AP Andrew Harnik) Between 2015 and late 2018, Robinhood misled customers about the payments it received for routing...

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