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Organization

Robinhood Financial

Robinhood's broker-dealer for its customers' accounts.

4 links, 4 backed by primary records

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Dates
Oct 2013 –
Also known as
Robinhood Financial LLC, Robinhood Financial, LLC
Legal records

In the Matter of Robinhood Financial, LLC

  1. 17 Dec 2020 Charged by U.S. Securities and Exchange Commission: misleading customers about revenue sources, and failing its duty of best execution 1
  2. 17 Dec 2020 Settled with U.S. Securities and Exchange Commission: $65M, censured, without admitting or denying the SEC’s findings 1

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066971201

  1. 30 Jun 2021 Settled with Financial Industry Regulatory Authority: $57M, censured and fined, without admitting or denying the findings 2FINRA also ordered it to pay $12,598,445.16 in restitution, plus interest, to customers.

A charge is an accusation, not a finding of guilt.

Robinhood Financial LLC is the broker-dealer of Robinhood Markets that holds its customers’ accounts. It settled with the SEC in December 2020 and with Financial Industry Regulatory Authority in June 2021.

Connections 4

charged by

settled with

part of

Timeline 4 dates
  1. Oct 2013 – Robinhood Financial
  2. 17 Dec 2020 Robinhood Financial charged by U.S. Securities and Exchange Commission
  3. 17 Dec 2020 Robinhood Financial settled with U.S. Securities and Exchange Commission
  4. 30 Jun 2021 Robinhood Financial settled with Financial Industry Regulatory Authority
Proof 3 sources
  1. SEC Charges Robinhood Financial With Misleading Customers About Revenue Sources and Failing to Satisfy Duty of Best Execution (press release 2020-321), U.S. Securities and Exchange Commission, 17 Dec 2020. Primary record
    charged Robinhood Financial LLC for repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them
    Robinhood agreed to pay $65 million to settle the charges.
    Without admitting or denying the SEC’s findings, Robinhood agreed to a cease-and-desist order prohibiting it from violating the antifraud provisions of the Securities Act of 1933
  2. Letter of Acceptance, Waiver, and Consent No. 2020066971201: Robinhood Financial LLC, Financial Industry Regulatory Authority, 30 Jun 2021. Primary record
    Respondent hereby accepts and consents, without admitting or denying the findings and solely for the purposes of this proceeding
    a censure; a $57 million fine; restitution of $12,598,445.16 plus interest as described below;
    Robinhood Financial LLC became a FINRA member firm in October 2013 and launched online trading in December 2014.
  3. Robinhood Financial, LLC: annual audited report (Form X-17A-5 Part III) for 2020, Robinhood Financial, 26 Feb 2021. Primary record
    Robinhood Financial, LLC (the “Company”, “we” or “us”) is a wholly owned subsidiary of Robinhood Markets, Inc. (the “Parent”).
Page history 1 change
  1. Sprint 11: legal records, open-start dates, Listen reads quote cardsAlibek55afb1a

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