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this Securities and Exchange Commission Two related Robinhood broker-dealers agreed to pay a $45 million merger penalty in a settlement, the companies said on Monday. Administrative fees They violated more than 10 separate securities law provisions.
The SEC said Robinhood’s violations involved failing to promptly report suspicious transactions, failing to implement adequate identity theft protections and failing to adequately address unauthorized access to Robinhood’s computer systems.
According to the agency, Robinhood also failed to maintain and preserve electronic communications over a long period of time, failed to retain copies of operating databases, and failed to maintain some customer communications as required by law between 2020 and 2021.
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