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Robinhood ordered to pay $70M for 'significant harm' to consumers

A financial industry regulator has ordered Robinhood to pay $70 million for “systemic supervisory failures” and causing “significant harm” to consumers.Credit: RobinhoodRobinhood will need to pay $12.6 million in restitution to thousands of its consumers, while the remaining $57 million will be a fine. That represents the largest fine ever levied by the Financial Industry Regulatory Authority (FINRA), a private corporation that acts as a regulatory organization for member firms and markets. Read more…
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