Business · June 6, 2021

SEC files Administrative Proceeding – Robinhood Financial, LLC

WASHINGTON, DC (STL.News) The Securities and Exchange Commission (SEC) has filed an Administrative Proceeding (File No. 3-20171) against Robinhood Financial, LLC, Notice of Proposed Plan of Distribution and Opportunity for Comment.

As stated in the Notice, the Commission ordered the respondent (Robinhood Financial, LLC) to pay a $65,000,000 civil money penalty.  The Commission created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the civil penalty paid can be distributed to harmed investors (the “Fair Fund”).