The web brokerage platform Robinhood pays round $70 million in fines over “widespread and important hurt suffered by clients” concerning deceptive communications and system outages earlier this yr, the Monetary Trade Regulatory Authority announced immediately. It is the biggest penalty ever ordered by the regulator.
“This motion sends a transparent message,” reads a press release from FINRA. “All FINRA member companies, no matter their measurement or enterprise mannequin, should adjust to the principles that govern the brokerage trade, guidelines that are designed to guard traders and the integrity of our markets.”
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