On January 14, the US Securities and Exchange Commission (SEC) announced that Robinhood Securities LLC and Robinhood Financial LLC agreed to pay a total of $45 million in civil penalties for violating more than 10 securities law provisions. Violations include failure to submit suspicious activity reports in a timely manner, failure to implement adequate identity theft protection measures, failure to address known network security vulnerabilities, and failure to properly preserve customer communication records. In addition, Robinhood Securities was separately charged for failing to provide complete securities trading data and failing to comply with Reg SHO rules. These problems occurred between 2019 and 2023. The SEC said the two companies have acknowledged some of the findings and agreed to accept penalties.
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