Robinhood fined $26 million by US regulators for multiple violations

The Financial Industry Regulatory Authority (FINRA) issued a press release on March 7 local time saying that it has ordered Robinhood Financial to pay customers $3.75 million and fined Robinhood Financial and Robinhood Securities $26 million for violating multiple FINRA rules, including failing to respond to red flags of potential misconduct. In the settlement agreement, the two companies accepted FINRA's findings but neither admitted nor denied the allegations, and agreed to commit to rectifying the relevant issues.